ConocoPhillips (COP)
ConocoPhillips is one of the largest independent oil and gas exploration and production companies, focused on the upstream business. It holds a deep inventory of low-cost US shale drilling locations.
COP vs OXY: how the two businesses compare
- Bigger business: COP, with $58.9B of yearly revenue, about 2.7× OXY's $21.6B.
- More cash from each sale: OXY turns 49 cents of each sales dollar into operating cash flow, against 34 cents at COP.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
ConocoPhillips (COP) is the larger business by reported revenue: $58.9B in its fiscal year ended Dec 2025, about 2.7× OXY's $21.6B (fiscal year ended Dec 2025). The SEC classifies them differently (Petroleum Refining; Crude Petroleum & Natural Gas); what connects them is shared exposure to the Wars & geopolitics research theme, not a common industry.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Energy
- Different
- Separate classifications
- December 31
- Same calendar
- Feb 18, 2026
COP vs OXY: quick comparison
| Company fact | COP | OXY |
|---|---|---|
| Company | ConocoPhillips | Occidental Petroleum Corporation |
| Exchange | NYSE | NYSE |
| Headquarters | Houston, Texas | — |
| Founded | 1917 | — |
| SEC industry | Petroleum Refining | Crude Petroleum & Natural Gas |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-17 | 10-K · 2026-02-18 |
COP vs OXY: audited financials
- Scale: COP's $58.9B of revenue is about 2.7× OXY's $21.6B.
- Cash conversion: operating cash flow equalled COP 33.6% of revenue, or 2.48× net income; OXY 48.8% of revenue. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: both fiscal years end on 2025-12-31, so these annual figures cover the same months.
| Metric | COP | OXY |
|---|---|---|
| Revenue | $58.9B2025-01-01 to 2025-12-31 · SEC filing | $21.6B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $8.0B2025-01-01 to 2025-12-31 · SEC filing | — |
| Operating cash flow | $19.8B2025-01-01 to 2025-12-31 · SEC filing | $10.5B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $6.352025-01-01 to 2025-12-31 · SEC filing | $1.612025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 13.6%2025-01-01 to 2025-12-31 · SEC filing | — |
COP: FY ending 2025-12-31 · OXY: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where COP and OXY overlap, and where they don't
Overlap
- Shared research theme: Wars & geopolitics.
- Same fiscal calendar: both fiscal years end December 31.
Differences
- Different SEC industries: COP files as Petroleum Refining; OXY as Crude Petroleum & Natural Gas.
- Only OXY maps to Economic trends.
- Scale: COP reported about 2.7× the annual revenue of OXY.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Occidental Petroleum Corporation (OXY)
Occidental Petroleum produces oil and gas and operates chemicals and carbon-capture ventures.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves COP
We have not yet published a company-specific driver list for COP. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-17.
What moves OXY
We have not yet published a company-specific driver list for OXY. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-18.
The investment question
You now know COP reports about 2.7× OXY's revenue. Those are the facts. The investment question is what each share price already assumes about their exposure to wars & geopolitics, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. Both fiscal years end December 31, so annual reports line up, but check segment definitions before comparing growth or margins.
The current verified House and Senate snapshot contains 26 matched transaction rows for COP and 14 matched transaction rows for OXY. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
COP primary filings
OXY primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving COP or OXY
COP vs OXY FAQs
Are COP and OXY direct competitors?
Not necessarily. ConocoPhillips files as Petroleum Refining and Occidental Petroleum as Crude Petroleum & Natural Gas. The pair is compared because both map to the Wars & geopolitics research theme, not because the filings show head-to-head competition.
Is COP or OXY the bigger company by revenue?
ConocoPhillips (COP) is the larger business by reported revenue: $58.9B in its fiscal year ended Dec 2025, about 2.7× OXY's $21.6B (fiscal year ended Dec 2025). The SEC classifies them differently (Petroleum Refining; Crude Petroleum & Natural Gas); what connects them is shared exposure to the Wars & geopolitics research theme, not a common industry. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, COP or OXY?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this COP vs OXY comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers ConocoPhillips and Occidental Petroleum Corporation tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
COP vs OXY compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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