ConocoPhillips (COP) explores, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas, and natural gas liquids worldwide. The company primarily engages in conventional and tight oil reservoirs, shale gas, heavy oil, LNG, oil sands, and other production operations. On the other hand, Coterra Energy Inc. (CTRA) is an independent oil and gas company that develops, explores, and produces oil, natural gas, and natural gas liquids in the United States. It primarily focuses on the Marcellus Shale with approximately 177,000 net acres.
Oil and gas prices are soaring with concerns over banning oil imports from Russia, one of the largest oil exporters. Brent crude climbed as high as $139 a barrel recently, its highest level in almost 14 years after the United States hinted at a ban on buying Russian energy. Moreover, despite net-zero pledges, big banks invest billions into oil and gas companies to drill new oil wells and tap fresh gas reserves, which should bode well for the oil and gas industry. So, both COP and CTRA could benefit.
