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Stocks•27 June 2026•

1 min read

ConocoPhillips and BP Recommended as Buys Despite Oil at $70

Key Facts

1ConocoPhillips (COP) and BP (BP) are recommended as investment opportunities despite oil falling to $70 a barrel.

2Both companies have implemented cost-cutting, focus on efficiency, and offer shareholder returns through dividends and buybacks.

3The article highlights favorable valuations and potential demand increase as countries look to restock oil reserves.

With crude oil falling to $70 a barrel, an investment report from The Globe and Mail highlights ConocoPhillips (COP) and BP (BP) as attractive buys. According to the report, both companies are cutting costs, focusing on efficiency, and returning capital to shareholders through dividends and buybacks. The article also points to favorable valuations and potential demand from countries restocking oil reserves.

The recommendation comes as BP shares closed at $37.13 on June 26, while COP ended at $105.96. U.S. crude inventories fell by 0.765 million barrels in the week ending June 23, per API data, providing some near-term support for oil prices. Compared to peers, both stocks offer above-average dividend yields, strengthening their appeal as value plays.

Investors are now watching upcoming weekly U.S. inventory reports and Chinese demand data as potential catalysts. With oil hovering near $70, the companies' ability to maintain cost discipline and shareholder returns will be key. Market sentiment toward the sector will also depend on upcoming OPEC+ production decisions.