Top 15 Commodity Producers With the Highest Upside Potential

5. ConocoPhillips (NYSE:COP)

Analysts’ Upside Potential as of May 01: 37.28%

One of the largest independent exploration and production firms in the world by output and reserves, ConocoPhillips (NYSE:COP), generated 3.1 billion cubic feet of natural gas per day and 1.2 million barrels of oil and natural gas liquids per day in 2023, mostly from Alaska and the Lower 48 in the United States, Norway in Europe, and several countries in Asia-Pacific and the Middle East. At the end of 2023, proven reserves amounted to 6.8 billion barrels of oil equivalent.

It had a strong fourth quarter of 2024. The business reported $14.74 billion in revenue, almost $515 million more than anticipated. It exceeded forecasts by $0.15, with adjusted earnings per share of $1.98. ConocoPhillips (NYSE:COP)’s $22.5 billion purchase of Marathon in November 2024, which expanded its resource base by more than 2 billion barrels of oil and gas with an average supply cost of less than $30 per barrel, was a major highlight of the quarter. The company’s output surged 14.8% year over year after this acquisition, hitting 2.183 million barrels of oil equivalent per day in the quarter.

ConocoPhillips (NYSE:COP) has a strong financial base, making it an attractive option for income investors. The company recorded $20.3 billion in total cash from operations over the previous year, including $20.1 billion in operating cash flow. It continued to distribute $3.6 billion in dividends, showing its dedication to shareholder returns. For the ninth consecutive year, the business increased its quarterly dividend by 34% to $0.78 per share in October.