Energy
Independent exploration and production company focused on conventional and unconventional oil and gas.
View forensic reportConocoPhillips, Schlumberger, and Chevron each offer a different angle on the Hormuz thesis: pure-play E&P leverage, oilfield services recovery, and integrated yield defence. All three trade below historical averages.
Marathon synergies are running 20% ahead of target. Production crossed 2 million BOE/d. We're raising our target to $145.
COP is the best-run E&P in the world. But at 32x forward earnings with a consensus target below the current price, the Marathon acquisition adding leverage, and Iran supply returning, the risk-reward has flipped.