Oil prices are currently above $90 a barrel, the highest since 2014, due to steady demand recovery amid tight supply. In addition, Russia’s military buildup on the Ukraine border has significant implications for oil and gas prices. 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.
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, Pioneer Natural Resources Company (PXD) operates as an independent oil and gas exploration and production company in the United States. The company explores, develops, and produces oil, natural gas liquids, and gas. It has operations in the Permian Basin in West Texas.
