10 Best Oil Stocks to Invest In According to Billionaires

2. ConocoPhillips (NYSE:COP)

Number of Billionaire Holders: 16

ConocoPhillips (NYSE:COP) is one of the world’s largest independent E&P companies based on oil and natural gas production and proved reserves. COP is the largest independent exploration and production company in the world, based on proved reserves and production of liquids and natural gas.

ConocoPhillips (NYSE:COP) beat forecasts in Q4 2024 as its adjusted EPS of $1.98 topped estimates by $0.15. The company’s revenue of $14.74 billion was also above estimates by almost $515 million. COP has transformed itself over the years to become a low-cost oil producer, especially after the $22.5 billion acquisition of Marathon Oil last year. The deal added over 2 billion barrels of oil and gas resources with an average cost of supply below $30. As a result, the company’s production rose 14.8% YoY to 2.183 million boed in Q4 2024.

ConocoPhillips (NYSE:COP) remains cash-rich and generated $20.3 billion in operational cash flow in 2024, of which it returned $9.1 billion to its shareholders in the form of buybacks and dividends. The company boosted its dividend by 34% late last year and also announced plans to return $10 billion to its shareholders in 2025.