8 Best Fuel Stocks To Buy Now

3. ConocoPhillips (NYSE:COP

Number of Hedge Fund Holders: 66

ConocoPhillips (NYSE:COP) is an independent exploration and production company that sells natural gas, crude oil, bitumen, liquefied natural gas, and natural gas liquids. The company specializes in unconventional oil production from U.S. shale formations and traditional reservoirs globally. ConocoPhillips (NYSE:COP) serves refineries, industrial clients, and global markets with its crude oil supply.

ConocoPhillips (NYSE:COP) is driving growth through a combination of strategic acquisitions and operational expansion. On November 22, the company completed its acquisition of Marathon Oil Corporation and expects to achieve synergies exceeding $1 billion on a run-rate basis within the next 12 months. The deal valued at $22.5 billion, has added 2 billion barrels of resources to its portfolio and is expected to significantly boost production in the Permian Basin.

This acquisition has also enabled the company to increase its production outlook for FY 2024. In addition to the Marathon Oil acquisition, ConocoPhillips (NYSE:COP) is also focusing on growing its operational footprint in other key shale plays, such as the Bakken. The company is investing in new projects and technologies to enhance its drilling and production capabilities, which is expected to drive further growth in its production volumes.