The oil giant has multiple growth catalysts ahead to potentially fuel a recovery.
Shares of ConocoPhillips ( COP 1.51% ) have slumped more than 7% so far this year. That's a disappointing result, considering that the S&P 500 index has rallied 13.5% in 2025. The primary factor affecting the oil company's stock price has been the decline in oil prices, which have decreased by more than 10% since the start of the year.
While the oil stock is down this year, multiple catalysts could fuel a recovery in 2026 and beyond, even if oil prices don't rally.
Multiple near-term catalysts
Lower oil prices have impacted ConocoPhillips' earnings and cash flow this year. Its adjusted earnings declined from $2.7 billion in the first quarter to $1.8 billion in the second quarter. Meanwhile, it