NEW YORK, January 4, 2026, 03:44 ET — Market closed
- ConocoPhillips ended Friday up 3.3% at $96.70, outpacing Exxon Mobil and Chevron.
- Traders are eyeing an OPEC+ policy decision and fast-moving Venezuela developments ahead of Monday’s open.
- ConocoPhillips is scheduled to report quarterly results and discuss 2026 guidance on Feb. 5.
ConocoPhillips shares rose 3.3% to $96.70 at Friday’s close, outperforming larger rivals Exxon Mobil and Chevron and finishing with higher-than-average trading volume. The stock remains about 9% below its 52-week high, according to market data.
The outperformance matters because oil producers’ cash flow expectations still pivot on crude prices, which can swing quickly on supply headlines. For ConocoPhillips, a pure-play upstream producer, shifts in the oil market typically flow straight into earnings power and shareholder-return capacity.
Investors are also tracking OPEC+, the Organization of the Petroleum Exporting Countries plus allies including Russia, with the group expected to keep output policy steady at a meeting on Sunday. The coalition’s stance has become a key driver for energy equities after a sharp slide in oil prices last year revived fears of an oversupplied market.
Venezuela has added a fresh layer of uncertainty. ConocoPhillips is monitoring developments there and said it would be premature to speculate about future business activity or investments, a company spokesperson told Reuters, as traders weigh what any change in the country’s oil outlook could mean for heavy-crude supply.
U.S. President Donald Trump said on Saturday that major U.S. oil companies were prepared to invest billions in Venezuela to restore crude output following the capture and removal of Nicolás Maduro by U.S. forces. “The company that probably will be very interested in going back is Conoco,” Francisco Monaldi, director of the Latin America Energy Program at Rice University’s Baker Institute, said, pointing to money Conoco is owed from prior disputes; he added that Conoco is owed more than $10 billion. Reuters
Oil prices have been choppy into the new year. Brent crude traded around $61 a barrel and U.S. West Texas Intermediate (WTI) — the U.S. benchmark — near $58 on Friday, after both contracts notched their biggest annual losses since 2020 in 2025, Reuters reported. Analysts cited by Reuters expected Brent to hold in a roughly $60–$65 range and WTI in a $55–$65 band in early 2026, barring a major supply shock.
Friday’s rally left ConocoPhillips ahead of Exxon and Chevron on the day, a reminder that single-session moves in the group often reflect beta to crude rather than company-specific fundamentals. Still, traders have treated large-cap E&Ps as liquid vehicles for expressing views on supply risks.
Before Monday’s session, investors will be watching how oil futures react to any signals from the OPEC+ meeting, which can reset near-term price expectations at the open. A firmer tape in crude typically supports upstream shares, while renewed pressure can quickly drag the group.
Venezuela-related headlines are also likely to remain a volatility driver, but investors will be looking for practical details — stability, contract terms and the status of U.S. restrictions — rather than political statements. Heavy crude, a thicker grade that many U.S. Gulf Coast refineries are designed to process, is the key link between Venezuela’s output prospects and U.S. energy markets.
ConocoPhillips’ next company-specific catalyst is its quarterly update. The company plans to release fourth-quarter results before the market opens on Feb. 5 and hold a conference call at noon ET to discuss financial results and 2026 guidance, it said.
