COP options flow: unusual options activity in ConocoPhillips
Updated 28 September 2026, 09:54 ET
Over the last week the tape recorded 49 unusual options prints in ConocoPhillips (COP), $3.8M of tracked premium, leaning bullish. Bullish premium was $1.6M against $995K bearish; $2.6M went into calls and $1.2M into puts, a put call ratio of 0.48. The largest print was $621K of COP 21 Jan 2028 $135 calls on 21 September 2026, swept at ask. The last session with prints, 25 September 2026, added 3 prints and $106K of premium. COP closed at $127.30 on 25 September 2026, down 1.6%.
This week's unusual flow
Prints from 21 September 2026 to 25 September 2026, 5 sessions. Delayed tier: every print is shown twenty minutes after it executed, and the page is rebuilt after each session.
Net premium is bullish minus bearish premium. The put call ratio is put premium divided by call premium, weighted by money rather than by contract count. Sweeps is the share of prints executed across several exchanges at once. Read the guide: Reading the Pulse.
Largest prints of the week
| Date | Contract | Type | Size | Open int. | Premium | Execution | Sentiment | Tier |
|---|---|---|---|---|---|---|---|---|
| 21 Sep 2026 | COP 21 Jan 2028 $135 calls | Sweep | 365 | 166 | $621K | At ask | Bullish | High conviction |
| 21 Sep 2026 | COP 18 Dec 2026 $115 calls | Sweep | 365 | 7,795 | $596K | At ask | Neutral | Notable |
| 22 Sep 2026 | COP 18 Dec 2026 $130 puts | Sweep | 165 | 453 | $160K | At bid | Bullish | Notable |
| 21 Sep 2026 | COP 16 Oct 2026 $125 puts | Trade | 500 | 1,971 | $135K | At ask | Bearish | |
| 21 Sep 2026 | COP 23 Oct 2026 $135 calls | Trade | 655 | 11 | $135K | At bid | Neutral | Notable |
| 23 Sep 2026 | COP 25 Sep 2026 $128 puts | Trade | 750 | 1,273 | $131K | At bid | Bullish | Notable |
| 24 Sep 2026 | COP 2 Oct 2026 $134 puts | Sweep | 238 | 37 | $130K | At ask | Neutral | Notable |
| 22 Sep 2026 | COP 16 Oct 2026 $127 puts | Sweep | 246 | 2 | $92K | At bid | Bullish | High conviction |
| 23 Sep 2026 | COP 21 May 2027 $135 puts | Sweep | 54 | 0 | $89K | At bid | Bullish | High conviction |
| 22 Sep 2026 | COP 20 Nov 2026 $140 calls | Sweep | 372 | 1,802 | $88K | At bid | Bearish | |
| 21 Sep 2026 | COP 15 Jan 2027 $130 calls | Sweep | 94 | 7,252 | $83K | At bid | Bearish | |
| 22 Sep 2026 | COP 16 Oct 2026 $127 calls | Trade | 177 | 250 | $69K | At bid | Bearish |
Size above open interest means the trade opened a position larger than everything that existed in the contract the night before. Above ask and below bid are the most aggressive executions. Read the guide: Size versus open interest.
Where the money is aimed
| Expiry | Prints | Premium | Calls share | Net premium |
|---|---|---|---|---|
| 18 Dec 2026 | 8 | $1.0M | 81% | +$150K |
| 16 Oct 2026 | 12 | $624K | 55% | -$104K |
| 21 Jan 2028 | 1 | $621K | 100% | +$621K |
| 20 Nov 2026 | 6 | $319K | 50% | +$116K |
| 15 Jan 2027 | 6 | $291K | 64% | -$140K |
| 25 Sep 2026 | 5 | $272K | 25% | +$71K |
The most premium, $1.0M, is aimed at the 18 Dec 2026 expiry; the nearest expiry with unusual prints is 25 Sep 2026.
A print in a contract expiring this week is a view about the next few days, often about a known event; a print months out is a different kind of statement. Read the guide: 0DTE options flow.
The last session, 25 September 2026
| Date | Contract | Type | Size | Open int. | Premium | Execution | Sentiment | Tier |
|---|---|---|---|---|---|---|---|---|
| 25 Sep 2026 | COP 15 Jan 2027 $125 puts | Sweep | 68 | 1,748 | $50K | At ask | Bearish | Notable |
| 25 Sep 2026 | COP 25 Sep 2026 $90 calls | Trade | 8 | 18 | $30K | At bid | Bearish | |
| 25 Sep 2026 | COP 18 Dec 2026 $140 calls | Sweep | 77 | 1,286 | $26K | At ask | Bullish |
Every print in COP with its full detail, the live tape, one tap filters and saved screeners: open COP in Options Sentiment Screener.
Price
The live quote and the price chart sit beside the ticker's flow in the app: open COP in Options Sentiment Screener.
Analysts
The most recent analyst targets on file, from 12 firms, have a median of $150, 18.2% above the last close.
Calls bought at a strike above the average target are a bet that the analysts are too cautious; puts far below the price in a name they like are protection or a strong disagreement. Read the guide: Reading one ticker's flow.
About ConocoPhillips
- Exchange
- NYSE
- Sector
- Energy
- Industry
- Petroleum And Natural Gas
- Headquarters
- Houston, Texas
- Website
- conocophillips.com
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company's portfolio includes unconventional plays in North America, Europe, Asia, and Australia.
In the same sector
Flow pages for other Energy names in the S&P 500:
XOM ExxonMobil Holdings Corp.CVX Chevron Corp.VLO Valero Energy Corp.MPC Marathon Petroleum Corp.PSX Phillips 66WMB Williams Companies, Inc.SLB SLB LimitedEOG EOG Resources Inc.
Learn
- What unusual options activity means
- Reading one ticker's flow
- Sweeps, blocks and where a trade printed
- Size versus open interest
- Bullish or bearish, how a print's sentiment is inferred
- The conviction score and whale prints
The live tape for COP with every print's execution detail, one tap filters for calls, puts, sweeps and 0DTE, saved screeners and, for Realtime subscribers, push alerts and no delay. The same screen is in the iOS and Android apps.
Open COP in Options Sentiment Screener