ConocoPhillips’s oil and gas revenue mix
As you can see in above graph, ConocoPhillips’s ~59.0%, or ~$2.3 billion, of E&P (exploration and production) revenues for 3Q16 came from crude oil sales. About 27.0%, or ~$1.1 billion, of E&P revenues came from natural gas sales, and ~8.0%, or ~$316.0 million, came from bitumen sales. Only ~6.0%, or ~$220.0 million, came from natural gas liquids sales.
That means almost ~67.0% of COP’s E&P revenues came from crude oil and bitumen sales. So COP stock has a stronger correlation with crude oil prices. To know more about how crude oil prices moved COP stock in 2016, refer to Part 1 of this series.