COP vs SLB: How ConocoPhillips and SLB 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 SLB 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 SLB 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

SLB (formerly Schlumberger) is a multinational oilfield services and energy technology company founded in France in 1926 and now incorporated in Curacao, with principal offices in Paris, Houston, London, and The Hague. It operates across four divisions: Well Construction, Reservoir Performance, Production Systems, and a newly reported standalone Digital division, providing services that span the full upstream oil and gas lifecycle from seismic imaging and reservoir characterization through drilling, completions, and production optimization, as well as emerging capabilities in carbon capture, geothermal, and AI-powered data platforms. The company operates in more than 120 countries and employs people of more than 140 nationalities, giving it the broadest international footprint in its sector. In July 2025 SLB closed its acquisition of ChampionX in an all-stock deal valued at approximately $7.75 billion, its largest purchase since Cameron International, adding production chemistry and artificial lift capabilities. CEO Olivier Le Peuch, who joined the company in 1987 as an electrical engineer and has held the top role since August 2019, has led a deliberate pivot toward platform-based digital solutions and energy transition technologies, culminating in the 2022 rebrand from Schlumberger to SLB.

Full SLB 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.
• SLB drivers: International Upstream Spending Cycle; Digital Division as a High-Margin Growth Engine.

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 SLB, the primary risk is oil price volatility: decisions by OPEC+ on production quotas directly influence the capital expenditure budgets of SLB's E&P clients, and a sustained decline in crude prices could quickly reverse the international spending cycle that underpins the bull case.

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; SLB 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 SLB 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.

SLB. SLB's full-year 2025 revenue of approximately $35.7 billion reflects modest single-digit growth over fiscal 2024's $36.3 billion, with margins under modest pressure as international activity moderated and the ChampionX integration costs flowed through. The trailing P/E of roughly 17x to 22x is broadly in line with SLB's five-year average and represents a meaningful discount to the company's 10-year historical average, which some analysts interpret as a valuation opportunity if the digital re-rating thesis plays out. Operating margin weakened to approximately 11.9% on a GAAP basis in the most recent reported period, underscoring that the earnings quality story depends heavily on the pace of Digital division scaling and ChampionX synergy realization.

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; SLB shows revenue (fy 2025) ~$35.7 billion, revenue (q1 2026) ~$8.72 billion, adjusted ebitda margin (h1 2025) ~23.9%, diluted eps (ttm, dec 2025) ~$2.26 (GAAP).

COP and SLB 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 SLB exposure against your real portfolio. It is not an investment adviser.