New York, January 15, 2026, 05:26 EST — Premarket
- COP slipped roughly 1% in early premarket, following a strong rally on Wednesday.
- Oil prices dropped over 3% after tensions around Iran cooled and U.S. inventory figures came in heavier than expected.
- A partner in Conoco’s Australia venture has flagged a second gas discovery, though further appraisal is still required.
ConocoPhillips (COP) slipped roughly 1% in Thursday’s U.S. premarket, hitting $99.27. The drop pared some of Wednesday’s gains, as oil prices retreated.
Timing is key. Energy stocks have been volatile alongside crude prices, and Thursday’s action finds the stock near the upper end of its short-term range following a two-day rally.
ConocoPhillips jumped 4.02% to close at $100.34 on Wednesday, bucking the broader market declines as the S&P 500 dropped 0.53% and the Dow dipped 0.09%. Volume surged to about 13.5 million shares, nearly twice its 50-day average. Exxon Mobil and Chevron also pushed higher.
Oil prices dropped over 3% early Thursday following U.S. President Donald Trump’s comment that the killings of demonstrators in Iran were coming to an end, easing fears of supply disruptions. Adding to the downward pressure, U.S. crude and gasoline inventories climbed beyond what analysts had predicted, Reuters reported.
ConocoPhillips faces a straightforward equation in the short term: crude prices dictate cash flow, which in turn shapes buybacks, dividends, and the appetite for exploration risk.
Separately, junior partner 3D Energi reported that a well offshore Victoria, Australia, recovered a gas sample from the Waarre C sandstone, confirming hydrocarbons at Charlemont-1 in the Otway Basin. Preliminary analysis showed the gas sample had a CO2 concentration of 16 mol%. ConocoPhillips Australia is the operator, holding a 51% stake. “Phase 1 … has identified important new natural gas resources close to existing offshore gas production and processing infrastructure,” said executive chairman Noel Newell.
CO2 levels might get a brief mention in a drilling update, but they carry weight. Elevated CO2 often means extra processing and higher costs before the gas hits the market, depending on the field’s setup and infrastructure.
The Australian find remains in the early stages and might not yield barrels or cash anytime soon. 3D Energi emphasized that more technical and commercial analysis is necessary, with no decision yet on advancing to development or launching a Phase 2 drilling campaign.
Investors now have a clearer focus: will oil continue to drop as the U.S. market opens? And will energy stocks lose more of this week’s gains if the market shifts back to an “oversupply” story?
ConocoPhillips will report its fourth-quarter results on Feb. 5 before the market opens, followed by a conference call at noon Eastern that will cover 2026 guidance.
