Optional product analytics
With your permission, we use privacy-limited analytics to understand which research journeys work. We do not run advertising trackers or session replay. You can change this choice in Preferences. Read the Privacy Policy.
The biggest opportunity lies in accelerated free cash flow realization from the Willow Arctic development and commercial LNG portfolio expansion.
WTI spot price averaging below $50 per barrel over a consecutive 12-month period, or operating margin compressing below 20.8%.
We maintain a Hold rating on ConocoPhillips with a composite fair value estimate of USD 125.61 against a share price of USD 127.30 as of September 25, 2026, representing a modest premium of 1.3%. ConocoPhillips combines premier asset scale across the Lower 48, disciplined capital allocation returning 45% of operating cash flow, and an approaching free cash flow inflection toward $7B by 2029 as major capital projects mature. However, with the valuation fairly reflecting through-cycle earnings power at 12.74x forward P/E amidst consensus FY2027 revenue contraction of 7.56%, risk-reward remains balanced.1457
ConocoPhillips faces cyclical operating headwinds given its sensitivity to global hydrocarbon benchmarks and historical operating margin fluctuations, which ranged from -16.29% in FY2016 and -15.24% in FY2020 to 26.80% in FY2025. Consensus estimates project FY2027 revenue to contract by 7.56% to $66.18B, with post-earnings revisions trimming FY2027 revenue by 1.09%. Furthermore, customer concentration on Pipeline Company representing 10.0% of FY2025 revenue ($5.18B) and total balance sheet debt of $23.44B require prudent cash allocation through commodity down-cycles.1467
The company's core economic moat is anchored by its vast Lower 48 unconventional resource base across the Permian, Eagle Ford, and Bakken, generating $41.40B in FY2025 revenue (79.9% of consolidated revenue). Scale efficiencies and advanced completion designs drive corporate cash flow breakevens toward the low-$30s WTI by 2029. Geographic exposure outside the US Lower 48 provides additional diversification, with Alaska contributing $5.64B, Europe, Middle East, and North Africa contributing $6.49B, and long-run commercial LNG capacity targeting 10 to 15 mtpa.567
ConocoPhillips is progressing through an active capital cycle inflection. Capital expenditures moderated to $3.02B in FY2025 following major development outlays of $12.12B in FY2024 and $11.25B in FY2023. With management confirming that peak Willow capex is behind the company, the corporate reinvestment rate is scheduled to decline from 25% in FY2026 to 20% by FY2029-FY2030, directly supporting management's target to deliver $7B in annual free cash flow by 2029 and maintain capital returns at 45% of operating cash flow.45
The valuation is primarily anchored by FCFF DCF ($135.26 midpoint, 45% weight) discounted at WACC 6.58%, and balanced by multi-stage moat fade ($137.72 midpoint, 20% weight), forward earnings ($71.65 midpoint, 15% weight), owner earnings ($186.35 midpoint, 10% weight), and dividend discount valuation ($78.12 midpoint, 10% weight). In present-value terms, our fair value sits 8.0% below the present-value equivalent (USD 136.51) of the analyst consensus 12-month target of USD 146.08. At USD 127.30, shares sit within 1.3% of fair value, justifying a Hold rating until a wider discount to intrinsic value emerges.245
As mega-projects including Willow in Alaska move past peak capital deployment, annual reinvestment rates step down from 25% in FY2026 to 20% in FY2029-FY2030, directly supporting management's guided $7B in annual free cash flow.58
ConocoPhillips generated $41.40B in FY2025 revenue from its Lower 48 acreage, delivering multi-basin scale across the Delaware, Midland, and Bakken that supports corporate cash flow breakevens falling toward the low-$30s WTI by 2029.57
Hold. ConocoPhillips trades at USD 127.30, representing a 1.3% premium to our composite fair value of USD 125.61. While the business benefits from top-tier Lower 48 shale inventory, low sustaining cost breakevens in the low-$30s WTI, and a guided $7B free cash flow inflection by 2029, current market pricing appropriately discounts this multi-year execution path amidst near-term commodity cyclicality.457
A severe macroeconomic stress test reflects a cyclical commodity downshift where benchmark WTI crude averages in the low-$50s per barrel for 18 to 24 months, natural gas realizations remain depressed, and pipeline transit tariffs increase. Under this stress environment, consolidated revenue contracts consecutively, operating income falls toward historical trough margins, and annual operating cash flow declines from $19.80B in FY2025 toward $14.0B. Sticky development outlays on the Willow Arctic development and global LNG facilities delay the guided $7B free cash flow inflection, forcing management to curtail share repurchases to preserve investment-grade credit metrics against total debt of $23.44B. This compound shock compresses valuation toward the dedicated bear scenario target.
ConocoPhillips possesses a Narrow competitive moat (score 5.5) rooted in structural cost advantages across its Lower 48 unconventional footprint and integrated global legacy assets. The Lower 48 segment generated $41,404M in FY2025 revenue, accounting for 79.9% of consolidated revenue ($51,824M). Deep contiguous acreage in the Delaware, Midland, and Bakken basins allows for multi-well pad drilling, shared surface facilities, and completion innovations such as far-field diverters that prevent offset frac hits and optimize reservoir drainage. These operational efficiencies underpin management's objective of driving corporate free cash flow breakevens into the low-$30s WTI by 2029.
The company's economic profit generation is confirmed by its latest ROIC of 8.17%, generating a positive spread over its computed WACC of 6.5758% and moderate cost of equity Ke of 7.0082%. However, ConocoPhillips' is bounded and cannot be classified as Wide. While its FY2025 was solid at 26.80%, it lags pure-play Permian benchmark Diamondback Energy (FANG), which delivers an operating margin of 48.47% and a of 72.35%. Furthermore, ConocoPhillips remains subject to commodity cyclicality, having experienced negative margins of -16.29% in 2016 and -15.24% in 2020 before recovering to 47.97% in 2022 and 26.80% in 2025. Consequently, the moat is modeled with a 5-year Stage I horizon and a 1-year Stage II fade.
The highlighted cell is Fair value when every assumption sits at its base level ($125.61). Each row and column shows what Fair value becomes when one assumption moves.
Free cash flow to the firm stays positive in the first projected year at $8.5B after modeled reinvestment of $2.8B, with terminal value at 80.4% of enterprise value. A sudden drop in free cash flow is not projected unless capital spending relative to , reinvestment, or resets materially.
A comprehensive operational and commodity beat would accelerate the guided multi-billion dollar annual free cash flow inflection ahead of 2029, expanding distributable cash flow and justifying a more constructive stance.
The upstream energy sector demonstrates an active reinvestment phase, evidenced by an industry capex-to-revenue ratio of 0.191 (19.1%) and an industry capex-to-depreciation ratio of 1.57. ConocoPhillips is transitioning from peak major project spend with FY2023 capex of $11.25B and FY2024 capex of $12.12B down to $3.02B in FY2025, as management confirms Willow peak capex is passed.45
The upstream energy upcycle is propelled by global hydrocarbon demand growth, rising Asian LNG consumption, structural underinvestment in conventional exploration, and OPEC+ supply discipline supporting crude realizations above $80/bbl. Capital discipline across operators prioritizes shareholder distributions over volume growth, generating record free cash flow.
The industry downcycle is characterized by macroeconomic recession, hydrocarbon demand contraction, OPEC+ market share battles, non-OPEC volume growth, and oilfield service cost inflation that severely compress realized producer margins. In severe downturns, E&P operating margins compress from peak levels toward historical troughs, forcing capital program reductions and volume shut-ins.
Under the Hold rating and with the share price of $127.30 as of September 25, 2026 trading at a 1.35% premium to fair value of $125.61 (upside of -1.33%), an allocation of 2-3% of equity portfolio value is recommended for existing holders. Deploying fresh capital is unwarranted at prevailing valuations, but strong through-cycle cash flow and 45% capital returns support maintaining existing weights.45
Risk management requires disciplined portfolio sizing (2-3%), strict adherence to stop-loss levels, and ongoing monitoring of global crude oil supply-demand balances. Macro exposures should be managed by evaluating Lower 48 break-even progression toward low-$30s WTI, tracking Arctic regulatory compliance, and observing customer off-take reliability across key midstream counterparties.
Trading at USD 127.30 versus a composite fair value of USD 125.61, shares offer limited near-term capital upside. Value investors should hold for through-cycle free cash flow expansion toward $7B by 2029 rather than adding at parity.45
ConocoPhillips delivers reliable capital return targeting 45% of operating cash flow ($19.80B in FY2025). While dividend yield and share repurchases provide income stability, total return potential is constrained without a valuation discount.5
Maintain a Hold rating on ConocoPhillips. At USD 127.30, the stock trades at a 1.3% premium to our composite fair value of USD 125.61, leaving insufficient margin of safety to initiate new capital commitments.4
While ConocoPhillips maintains top-tier Lower 48 unconventional scale ($41.40B FY2025 revenue) and an approaching $7B free cash flow inflection by 2029, current market valuation of 12.74x forward P/E fully prices in mid-cycle earnings amidst expected FY2027 revenue normalization (-7.56%).
Capture your own thesis, position size, and follow-up questions. Stays on this device, only you can see it.
The records this analysis drew on, as they stood when it was run.
Management maintains a disciplined capital allocation framework returning 45% of operating cash flow to shareholders through ordinary dividends and flexible share repurchases, underpinned by $19.80B in FY2025 operating cash flow.56
The cyclical bear path reflects a severe macroeconomic downturn and crude oil oversupply, depressing realized liquids and natural gas prices across all operating basins. Lower 48 margins compress as oilfield service costs remain sticky, while Pipeline Company counterparty constraints or midstream tariff hikes disrupt takeaway on 10.0% of corporate volume. Willow Arctic project delays and cost inflation keep capital spending elevated, delaying the $7B FCF inflection. Operating cash flow falls below $14B, forcing management to curtail share repurchases. Future EPS drops to $6.16 by 2030, with terminal multiple contracting to 10.0x.
Operating margin drops below 20.8% (a 600 bps deterioration from FY2025 level of 26.80%) within 12 months, driven by severe commodity price declines and oilfield service cost inflation, cutting fair value by 23.5%.456
Five-year compound annual revenue growth drops below -5.0% over a 24-month horizon, resulting from prolonged global hydrocarbon demand destruction, volume shut-ins, and depressed realized prices across all producing basins, reducing fair value by 28.0%.1
Terminal P/E multiple compresses below 12.0x within 36 months as institutional capital flees cyclical upstream equities amid accelerating decarbonization mandates, causing an 18.0% fair value contraction.34
The five developments that would weaken our investment case.
Operating margin falling below 20.0% signals that Lower 48 cost advantages are eroding under service cost inflation and weaker realized prices, invalidating the through-cycle cost-of-supply thesis.
Current:26.80% (FY2025)
Alert if< 20.0%
Capital spending exceeding $13.5B without volume expansion indicates chronic project cost overruns in Willow or LNG, breaking the capital cycle normalization thesis and delaying the guided $7B FCF inflection.
Current:$3.02B (FY2025)
Alert if> $13.5B for two consecutive fiscal years
Loss of off-take capacity or tariff renegotiation with Pipeline Company would disrupt Lower 48 takeaway, forcing localized shut-ins and impairing operating margins.
Current:10.0% of consolidated revenue (FY2025)
Alert if> 10% volume loss or contract proration
Operating cash flow falling below $14.0B under low-$50s WTI would strain shareholder return commitments (45% of CFO) and slow share repurchases.
Current:$19.80B (FY2025)
Alert if< $14.0B
Arctic construction delays or inflationary cost increases at Willow would compromise capital cycle normalization and reduce cumulative free cash flow.
Current:$3.02B consolidated capex in FY2025
Alert if> 20% project cost escalation or first oil delayed past 2029
ConocoPhillips generates positive economic profit above its cost of capital, evidenced by an ROIC of 8.17% exceeding its computed WACC of 6.5758% and moderate cost of equity Ke of 7.0082%. Operating income of $11,342,000,000 on revenue of $51,824,000,000 in FY2025 established a 26.80% operating margin, confirming through-cycle rent capture despite cyclical commodity swings.246
Each lens answers a different valuation question. Only included lenses set Fair value; floors and diagnostics provide context.
Project EPS through the explicit advantage period, fade growth as competition catches up, and discount the full stream at cost of equity.
Apply a terminal P/E to the dated forward EPS path, then discount that future share value back to the analysis date.
Convert the revenue and margin path into after-tax free cash flow, discount the annual per-share amounts and at , then adjust for signed per current share.
Add depreciation to net income, subtract maintenance capex, divide by diluted shares, and apply a normalized valuation multiple.
Discount the explicit dividend path and its Gordon-growth terminal value at cost of equity.
Solve for the growth rate that makes the model value equal the report-date share price.
The modal base case underwrites steady operational execution across the Lower 48 ($41.40B FY2025 revenue) and disciplined progression of Arctic and LNG programs. Operating margins normalize at 26.80%, while corporate reinvestment rates moderate from 25% in FY2026 to 20% in FY2029-FY2030. CapEx discipline and project delivery unlock the guided $7B annual free cash flow inflection by 2029. Diluted EPS tracks from $10.55 in FY2026 to $6.98 in FY2030, supported by share repurchases retiring share count from 1,278M to 1,381M, valued at a mid-cycle terminal P/E of 15.0x.457
Under the bull case, global hydrocarbon demand remains resilient, supported by Asian LNG import growth doubling toward 2050. ConocoPhillips successfully commissions the Willow Arctic development ahead of early 2029 schedule and expands commercial LNG supply toward 10 to 15 mtpa. Corporate free cash flow inflection easily surpasses $7B, allowing management to distribute over 45% of operating cash flow to shareholders via buybacks and dividends. Diluted EPS reaches $8.04 by 2030, commanding an 18.0x terminal P/E multiple.5
In-line operational execution confirms the modal base forecast without altering long-term return economics, keeping shares fairly valued.
An operational miss driven by project cost inflation or production shut-ins impairs near-term cash generation and delays capital returns, warranting a rating cut.
GAAP earnings quality is strong, supported by high cash conversion. FY2025 operating cash flow of $19,796M significantly exceeds GAAP net income of $7,988M, driven by $11,500M in depreciation and amortization charges. Dilution remains tightly controlled, with stock-based compensation minimal relative to revenue (industry benchmark at 0.9%) and active share buybacks reducing share count.56
Validates operational execution across the Lower Forty-Eight, Alaska, and international assets against management guidance.
Measures commitment to returning excess cash to equity holders through commodity cycles.
Protects operating profitability and cash flows against severe global crude price downcycles.
Diversifies consolidated cash flows away from domestic oil price differentials into premium global gas markets.
| $34.59B |
| $61.05B |
| $48.52B |
| $49.42B |
| $51.82B |
| +10.6% |
| Gross profit | $14.77B | $30.01B | $18.20B | $16.38B | $14.79B | +0.0% |
| Operating income | $13.84B | $29.28B | $17.35B | $14.78B | $13.89B | +0.1% |
| Net income | $8.08B | $18.68B | $10.96B | $9.25B | $7.99B | -0.3% |
| EPS (diluted) | $6.07 | $14.57 | $9.06 | $7.81 | $6.35 | +1.1% |
| EBITDA | $21.09B | $37.13B | $25.78B | $24.43B | $25.57B | +4.9% |
| R&D | $62.0M | $71.0M | $81.0M | $81.0M | $78.0M | +5.9% |
| SG&A | $719.0M | $623.0M | $705.0M | $1.16B | $893.0M | +5.6% |
Cash flow generation is robust, anchored by operating cash flow of $19,796M in FY2025. Following heavy capital deployment phases in FY2023 ($11,248M capex) and FY2024 ($12,118M capex generating $8,006M FCF), FY2025 capex disciplined to $3,023M. The house forecast schedule models explicit FCFF expanding from $8,484M in FY2026 to $8,877M by FY2030 as reinvestment rates decline ratably from 25% to 20%, aligning with management guidance of a $7B annual FCF inflection by 2029.4568
ConocoPhillips operates under a disciplined capital allocation framework targeting the return of 45% of operating cash flow to shareholders. Shareholder distributions totaled $3B in Q2 2026, comprising $2B in share repurchases and $1B in ordinary dividends, backed by a base dividend assumption of $3.36 per share. Management maintains bolt-on acquisition discipline, requiring every transaction to meet cost-of-supply thresholds, illustrated by the Kirkuk transaction capital outlay of $300 to $500M at close. Leverage remains conservative, with total debt of $23.44B at FY2025 ($23.29B at analysis date) and net debt of $16.46B.
ROIC is poised to improve as major capital projects (Willow Arctic development and LNG trains) transition from capital-absorbing construction phases into commercial production by 2029, while the house-forecast reinvestment rate moderates from 25% to 20%.
Latest ROIC of 8.17% generates a positive spread of +159 bps over computed WACC of 6.5758% and +116 bps over moderate cost of equity Ke of 7.0082%.
CapEx moved from $11,248M in FY2023 and $12,118M in FY2024 down to $3,023M in FY2025, supporting management guidance to deliver $7B in annual FCF by 2029.
Scheduled reinvestment rate reduction from 25% of NOPAT in FY2026 to 20% in FY2029-FY2030 expands FCFF toward $8,877M, driving multi-year dividend growth and buyback flexibility.
The Lower 48 segment generated $41,404M in gross segment revenue in FY2025, supporting a consolidated operating margin of 26.80%, though lagging pure-play peer FANG at 48.47%.
Multi-basin exposure dampens single-basin takeaway vulnerability but structurally anchors long-term operating margins at 26.80% rather than pure-play Permian highs.
Total debt stood at $23,444M gaap at FY2025 ($23,290M at analysis date) against $19,796M in operating cash flow, establishing net debt of $16,463M.
Manageable leverage provides ample balance sheet resilience to maintain the targeted 45% cash return to shareholders through commodity fluctuations.
| Revenue | $19,161,000,000 |
|---|---|
| Cost of revenue | $12,126,000,000 |
| Gross profit | $7,035,000,000 |
| Operating expenses | $1,056,000,000 |
| Operating income | $5,979,000,000 |
| Non-operating items and tax | -$2,048,000,000 |
| Net income | $3,931,000,000 |
| Total assets | $121,939,000,000 |
|---|---|
| Cash | $6,497,000,000 |
| Current assets | $15,532,000,000 |
| Total liabilities | $57,452,000,000 |
| Current liabilities | $11,972,000,000 |
| Shareholders’ equity | $64,487,000,000 |
| Net income | $7,988,000,000 |
|---|---|
| Operating inflow | $19,796,000,000 |
| Depreciation and amortization | $11,500,000,000 |
| Other operating adjustments | $308,000,000 |
| Operating cash flow | $19,796,000,000 |
| Cash available | $25,854,000,000 |
| Beginning cash | $5,905,000,000 |
| Exchange-rate effect | $153,000,000 |
| Investing outflow | $8,836,000,000 |
| Capex | $3,023,000,000 |
| Other investing activities | $5,813,000,000 |
| Financing outflow | $10,102,000,000 |
| Share repurchases | $5,018,000,000 |
| Dividends paid | $3,995,000,000 |
| Net debt repayment | $913,000,000 |
| Other financing activities | $176,000,000 |
| Ending cash | $6,916,000,000 |
| Investing cash flow | -$8,836,000,000 |
| Financing cash flow | -$10,102,000,000 |
| Revenue by business category | Revenue | Share | YoY |
|---|---|---|---|
| Cost of | 12.1B | 63.3% | — |
| Other | 7B | 36.7% | — |
Point-in-time financial data used in the 2026-09-26 analysis.
| Period | Revenue | EBITDA | Net income | Operating cash flow | Free cash flow | Capex | Depreciation and amortization | Stock-based compensation | Share repurchases | Dividends paid | Net debt issuance | Investing cash flow | Financing cash flow | Beginning cash | Ending cash | Cash and investments | Total debt | Operating margin | ROIC | WACC | ROIC − WACC spread |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2016-12-31 | $23.7B | $5.2B | -$3.6B | $4.4B | -$466M | $4.9B | $9.1B | $272M | $126M | $1.3B | — | -$3.9B | $764M | — | $3.6B | $3.7B | $27.3B | -17.4% | — | — | — |
| 2017-12-31 | $29.1B | $5.7B | -$855M | $7.1B | $2.5B | $4.6B | $6.8B | $227M | $3B | $1.3B | — | $7.8B | -$12.4B | $3.6B | $6.5B | $8.2B | $22.4B | 8.4% | — | 5.7% | — |
| 2018-12-31 | $36.4B | $17B | $6.3B | $12.9B | $6.2B | $6.8B | $6B | $265M | $3B | $1.4B | — | -$3.8B | -$9.4B | $6.5B | $6.2B | $6.2B | $16.1B | 25.1% | — | 5.4% | — |
| 2019-12-31 | $32.6B | $16.7B | $7.2B | $11.1B | $4.5B | $6.6B | $6.1B | -$967M | $3.5B | $1.5B | — | -$6.6B | -$5.2B | $6.2B | $5.4B | $8.1B | $15.8B | 21.7% | — | 4.9% | — |
| 2020-12-31 | $13.7B | $3.4B | -$2.7B | $4.8B | $87M | $4.7B | $5.5B | $1.8B | $892M | $1.8B | — | -$4.1B | -$2.7B | $5.4B | $3.3B | $6.6B | $15.4B | -13.2% | — | — | — |
| 2021-12-31 | $34.6B | $21.1B | $8.1B | $17B | $11.7B | $5.3B | $7.2B | -$406M | $3.6B | $2.4B | — | -$8.5B | -$6.3B | $3.3B | $5.4B | $6.6B | $19.9B | 34.9% | — | 5.0% | — |
| 2022-12-31 | $61B | $37.1B | $18.7B | $28.3B | $18.2B | $10.2B | $7.5B | $377M | $9.3B | $5.7B | -$3.4B | -$8.7B | -$18.1B | $5.4B | $6.7B | $9.2B | $17.2B | 41.7% | — | 7.0% | — |
| 2023-12-31 | $48.5B | $25.8B | $11B | $20B | $8.7B | $11.2B | $8.3B | $334M | $5.4B | $5.6B | $2.4B | -$12B | -$8.7B | $6.7B | $5.9B | $6.6B | $19.6B | 31.0% | — | 6.7% | — |
| 2024-12-31 | $49.4B | $24.4B | $9.2B | $20.1B | $8B | $12.1B | $9.6B | — | $5.5B | $3.6B | $610M | -$11.2B | -$8.8B | $5.9B | $5.9B | $6.1B | $25.3B | 25.9% | — | 7.1% | — |
| 2025-12-31 | $51.8B | $25.6B | $8B | $19.8B | $16.8B | $3B | $11.5B | — | $5B | $4B | -$913M | -$8.8B | -$10.1B | $5.9B | $6.9B | $7B | $23.4B | 21.9% | — | 5.2% | — |
ConocoPhillips (COP) trades at 12.7x forward earnings against a peer median of 10.1x. Its EV/EBITDA of 6.3x compares with a peer median of 9.1x. The comparison uses 4 peers: Diamondback Energy Inc., Marathon Petroleum Corporation, Valero Energy Corporation and Phillips 66, as of 2026-09-26.
ConocoPhillips is well positioned across the capital cycle as a low-cost, capital-disciplined operator with extensive Lower 48 resource depth ($41,404M revenue in FY2025) and cost-of-supply breakevens trending toward the low-$30s WTI by 2029. Its multi-basin scale and geographic reach insulate cash flow from localized basin takeaway constraints.57
| Action |
|---|
| Why |
|---|
| $100.00 - $105.00 | Initiate disciplined tranche accumulation | Represents an approximate 15-20% discount to fair value midpoint ($125.61) and approaches the median valuation estimate of $103.46, providing an adequate margin of safety against cyclical oil price swings. |
| $80.00 - $85.00 | Aggressive accumulation |
With consensus projecting FY2027 revenue contraction of 7.56% to $66.18B and commodity prices softening, tactical upside is capped at current forward P/E of 12.74x. Maintain current weightings and await cyclical pullbacks toward downside support.14
WTI spot price averaging below $50 per barrel over a consecutive 12-month period, or operating margin compressing below 20.8%. Global macroeconomic contraction or hydrocarbon supply expansion compresses realized oil and natural gas prices across ConocoPhillips' producing basins, while oilfield service cost inflation and pipeline transit tariffs prevent commensurate operating cost reductions. Quarterly consolidated operating margin falling below 20.8% over the next 12 months, or annual operating cash flow trailing below $14B over an 18-month observation window.4567
Not every cited input appears here: internal calculations and intermediate model outputs have no external record, and some citations could not be matched to one.
| Marathon Petroleum Corporation |
| $114.9B |
| 8.3x |
| 0.7x |
| 9.3x |
| 42.1% |
| 13.6% |
| VLO | Valero Energy Corporation | $111.5B | 10.2x | 0.8x | 8.8x | 27.6% | 12.3% |
| PSX | Phillips 66 | $102.0B | 10.3x | 0.7x | 12.1x | 23.5% | 8.5% |
