Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Charlie and I will not bury the lede. ConocoPhillips is among the better-run independent exploration and production companies on the planet. Ryan Lance has assembled a genuinely impressive operating machine, the balance sheet is conservative for a commodity producer, and the capital-return discipline is among the best in the oil patch. We hold the management team in genuine respect. And yet, at $128 a share — within whispering distance of the 52-week high of $135.87, after a year in which the stock has compounded at roughly 44 percent — we cannot in good conscience recommend new capital here. More importantly, we cannot call this a "wonderful business" in the sense Charlie and I mean that phrase.
Recent filings analysed: 10-Q (2026-08-06), 8-K (2026-08-06), 8-K (2026-06-23), 8-K (2026-05-14).
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