5 Most Profitable Oil Stocks in the World

In this article, we discuss the 5 most profitable oil stocks in the world. To go through our detailed analysis of the oil and gas sector, go directly to the 13 Most Profitable Oil Stocks in the World.

5. ConocoPhillips (NYSE:COP)

Number of Hedge Fund Holders: 62

Latest TTM Net Income: $11.16 billion

ConocoPhillips (NYSE:COP), headquartered in Houston, is an independent exploration and production (E&P) company engaged in the global exploration, production, transportation, and marketing of crude oil, bitumen, natural gas, natural gas liquids, and liquefied natural gas.

In a successful move in October, ConocoPhillips (NYSE:COP) completed the acquisition of the remaining 50% stake in the Surmont oil sands project from TotalEnergies EP Canada Ltd. The deal, valued at approximately $2.7 billion in cash (equivalent to CAD 3.7 billion), also includes potential future contingent payments of around $0.3 billion (equivalent to CAD 0.4 billion). This transaction grants ConocoPhillips (NYSE:COP) full ownership, holding a 100% stake in Surmont, and maintains its position as the project’s operator.

As of the third quarter of 2023, a total of 62 hedge funds, tracked by Insider Monkey, had stakes in ConocoPhillips (NYSE:COP). The largest stakeholder, with a $1.5 billion investment in the company, was Natixis Global Asset Management’s Harris Associates.

Oakmark Select Fund made the following comment about ConocoPhillips (NYSE:COP) in its second quarter 2023 investor letter:

“ConocoPhillips (NYSE:COP) is one of the largest and most efficient exploration and production companies in the country. The company has an extensive resource base of high-quality drilling inventory in the U.S. and various international locations as well as a growing liquified natural gas business. In our view, the depth and quality of ConocoPhillips’s inventory is a competitive differentiator that is not fully captured in today’s share price. Over the next 10 years, we believe ConocoPhillips will be able to return more than 100% of its current market cap to shareholders via dividends and share repurchases while growing its production at a mid-single-digit annual pace. We believe ConocoPhillips is also among the best managed companies in the oil and gas industry and we are impressed by its history of accretive capital allocation under CEO Ryan Lance. The stock has meaningfully underperformed the broader market year-to-date and is an attractive addition to our portfolio.”