COP

Delta Air Lines was a contributor during the quarter. Fuel prices spiked in March following the onset of the Iran War, creating a near-term headwind for airline profitability. Intercontinental Exchange stock price declined due to market concerns about AI disruption and potential competition from new exchanges launching perpetual futures. We were pleased to initiate a position in Equitable Holdings at a meaningful discount to intrinsic value.

Oil prices remain at the forefront of all financial debates as the US-Iran conflict and the related friction in the Strait of Hormuz continue. While rising energy prices often create widespread macroeconomic headwinds, if oil settles above $100 per barrel, it will represent a cash-generation windfall for the established upstream producers.

COP plans to buy a 42% stake in BP ECKL and join a $25 billion redevelopment project of four large oil fields in Iraq.

HOUSTON--(BUSINESS WIRE)--ConocoPhillips reaches agreement with bp supporting redevelopment of producing oil fields in Iraq.

BP and ConocoPhillips are set to announce billions of dollars of new investments in Iraq on Friday. The announcements are expected during the U.S.-Iraq Business Summit in Washington.

In the closing of the recent trading day, ConocoPhillips (COP) stood at $112.84, denoting a +1.24% move from the preceding trading day.

US gasoline prices spent the spring of 2026 on a rollercoaster driven by Middle East supply disruptions.

The latest trading day saw ConocoPhillips (COP) settling at $108.02, representing a -2.44% change from its previous close.

ConocoPhillips (COP) concluded the recent trading session at $110.72, signifying a +2.1% move from its prior day's close.

XOM can continue Permian production with WTI below $70, as prices remain above shut-in levels and output growth plans stay on track.