COP Historical PE Ratio Notes

— ConocoPhillips (ticker symbol: COP) is one of the world’s largest independent exploration & production companies, focusing on the discovery, development, and production of crude oil, natural gas, & natural gas liquids globally. As a pure-play E&P company, COP’s revenue & earnings are highly sensitive to fluctuations in the prices of oil & gas, which are driven by macroeconomic factors, geopolitical events, & supply/demand dynamics. This direct exposure to commodity cycles causes COP’s earnings to be volatile from year to year, which in turn impacts its price-to-earnings (P/E) ratio over time. During periods of high energy prices, earnings may rise sharply, causing the P/E ratio to compress, while downturns in commodity prices can lead to lower or even negative earnings, which may result in an elevated or undefined P/E ratio. When reviewing COP's historical P/E ratio, it’s important to understand that the valuation given by the market often fluctuates significantly in response to changing expectations for future energy market conditions, company-specific developments, and broader economic cycles. Be sure to consider how these factors have influenced the historical data as you analyze trends in price, earnings, and valuation.

On this page we presented the COP Historical PE Ratio information for ConocoPhillips' stock. The average COP historical PE based on using the annualized quarterly earnings result at each measurement period (for the "E" in the PE calculation; and the closing price on earnings date as the "P") is 20.9. Meanwhile, using the trailing twelve month (TTM) quarterly earnings result as our method of calculation the "E" value at each measurement period, the average COP historical PE based on this TTM earnings result method is 27.8. Note: any PE calculations resulting in a value exceeding 500 were discarded as not meaningful. Note: any PE calculations involving negative earnings were discarded as not meaningful.

Let's now compare this COP historical PE result, against the recent PE: when this page was posted on 7/2/2026, the most recent closing price for COP had been 104.73, and the most recent quarterly earnings result, annualized, was 7.56. Meanwhile, the most recent TTM earnings summed to 5.94. From these numbers, we calculate the recent COP PE on 7/2/2026 based on annualized quarterly EPS was 13.9. Based on COP's history, that recent PE is low relative to the historical average, with the recent PE 33.5% lower than the historical average PE across our data set for ConocoPhillips. Looking at the recent COP PE on 7/2/2026 based on TTM EPS, we calculate the ratio at 17.6. Based on COP's history, that recent PE is low relative to the historical average, with the recent PE 36.7% lower than the average PE across our ConocoPhillips data set with TTM EPS used in the calculation at each period.

Another interesting COP historical PE Ratio calculation we look at is to take the median earnings per share of the last four quarters for COP, and then annualize the resulting value... with that annualized number then being used in the PE calculation. To walk through this math for COP, we start with the past four EPS numbers and we first sort them from lowest to highest: 1.02, 1.42, 1.61, and 1.89. We then toss out the highest and lowest result, and then take the average of those two middle numbers — 1.42 and 1.61 — which gives us the median of 1.51. Basically the way to think about this 1.51 number is this: for the trailing four earnings reports, 1.51 marks the "middle ground" number where COP has reported a value higher than 1.51 half the time, and has reported a value lower than 1.51 half the time. Annualizing that median value then gets us to 6.04/share, which we use as the denominator in our next PE calculation. With 104.73 as the numerator (as of 7/2/2026), the calculation is then 104.73 / 6.04 = 17.3 as the COP PE ratio as of 7/2/2026, based on that annualized median value we calculated.

For self directed investors doing their due diligence on COP or any other given stock, valuation analysis for COP can greatly benefit from studying the past earnings and resulting PE calculations. This exercise can help inform an analysis as to whether the past earnings trajectory and current versus historical PE ratios justify the current stock value.

That's why we bring you HistoricalPERatio.com to make it easy for investors to investigate ConocoPhillips PE history or the past PE information for any stock in our coverage universe. And in your continued research we hope you will be sure to check out the further links included for earnings surprises history (beat/miss data) as well as next earnings dates for COP. Thanks for visiting, and the next time you need to research COP Historical PE Ratio or the ratio for another stock, we hope you'll think of our site, as your go-to historical PE ratio research resource of choice.