COP vs CVX: How ConocoPhillips and Chevron Compare (2026)

Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: COP is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. COP and CVX share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined COP and CVX exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

ConocoPhillips (NYSE: COP) is an exploration and production (E&P) company focused exclusively on the upstream segment of the oil and gas industry. It finds, develops, and produces crude oil, natural gas, and natural gas liquids from a globally diversified asset base that includes U.S. Lower 48 shale plays (Permian, Eagle Ford, Bakken), Alaska (including the Willow development project), Canadian oil sands at Surmont, operations in Norway and Qatar, and equity stakes in LNG projects including Australia Pacific LNG and the Port Arthur LNG facility on the U.S. Gulf Coast. The company makes money by selling the hydrocarbons it produces at prevailing market prices, with profitability driven primarily by realized commodity prices, production volumes, and its cost-of-supply discipline. It does not operate refineries or fuel retail networks, giving it a focused capital structure but also direct exposure to commodity price swings.

Full COP guide

Chevron is one of the world's largest integrated energy companies, operating across the entire oil and gas value chain. Its upstream business explores for and produces crude oil and natural gas around the world, with major positions in the US Permian Basin, the Gulf of Mexico, Kazakhstan, Australian LNG, and other regions. Its downstream business refines crude into gasoline, diesel, jet fuel, and other products, and markets fuels and lubricants (including under the Chevron and Texaco brands). Chevron also has a growing chemicals joint venture (Chevron Phillips Chemical) and is investing in lower-carbon energy such as renewable fuels, hydrogen, and carbon capture. Chevron makes money primarily by producing and selling oil and gas, so its earnings are heavily tied to commodity prices, and from refining and marketing margins. It is known for a strong balance sheet, disciplined capital spending, and a long record of dividend growth. Chevron is headquartered in Houston, Texas, and operates globally.

Full CVX guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• COP drivers: Marathon Oil Integration and Scale; Willow Project and Long-Cycle Growth.
• CVX drivers: Low-cost production and Permian scale; Capital discipline and shareholder returns.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: COP's revenues and free cash flow are highly sensitive to crude oil and natural gas prices, and any sustained commodity price decline would directly erode earnings and the company's ability to fund its capital-return targets. For CVX, chevron's earnings and cash flow swing heavily with oil and natural gas prices, which are volatile and driven by global supply, OPEC decisions, demand cycles, and geopolitics; a sustained drop in commodity prices would pressure profits, the dividend cushion, and the stock.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick COP if you believe its drivers more; CVX if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the COP and CVX guides.

COP. COP's trailing P/E of roughly 19x sits approximately 59 percent above its own 10-year median of around 12x and modestly above the oil and gas industry average of roughly 16x, suggesting the market is pricing in meaningful growth from Willow, LNG, and post-Marathon synergies. Free cash flow of roughly $5.85 billion TTM reflects elevated capital expenditures during the current heavy-investment cycle, and management projects a material step-up in free cash flow as long-cycle projects come online toward 2029. The dividend yield near 3.1 percent, combined with active buybacks, provides a tangible total-return component that partially compensates holders during periods of softer commodity prices.

CVX. Chevron trades at a moderate earnings multiple typical of integrated oil majors, with the valuation moving inversely to commodity-price expectations. Investors prize its strong balance sheet, high dividend yield, and capital discipline. The multiple stays modest because earnings are cyclical and the market discounts long-term energy-transition risk, so much of the appeal is the dividend and cash returns.

Headline figures (approximate, June 27, 2026): COP shows revenue (ttm, ~march 2026) ~$60.5 billion, net income (ttm) ~$7.3 billion, eps (ttm, dec 2025) ~$6.34, p/e ratio (ttm) ~19x; CVX shows revenue (ttm) ~$190-200 billion (varies with commodity prices), operating margin cyclical; mid-teens in normal conditions, net income (ttm) highly variable with oil and gas prices, dividend yield ~4-4.5% (Dividend Aristocrat).

COP and CVX are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined COP and CVX exposure against your real portfolio. It is not an investment adviser.