Tory Walworth ‘22 pitched ConocoPhillips (NYSE: COP) on April 4, 2022. ConocoPhillips is a leading upstream energy company involved in the exploration and production of oil and gas commodities and is headquartered in Houston, Texas. ConocoPhillips has had a strong revenue performance over the past year with the ongoing global recovery from the COVID-19 pandemic as well as heightened supply constraints in the oil market due to Western sanctions on Russian oil. Tory discussed the continuance of global reliance on oil and gas, as well as ConocoPhillips’ exposure to the growing liquid natural gas market. She also highlighted the company’s main guiding strategy, known as their “Triple Mandate.” This includes prioritizing returns to shareholders, maintaining disciplined capital spending so as to be able to fully meet global energy demand, and being a leader in the oil and gas industry on ESG policies. The class voted to purchase 400 shares of COP stock while simultaneously selling two May 105 calls. The decision to partially cover the position with options was made in order to provide limited downside risk protection due to the volatility in the oil market caused by the ongoing conflict in Eastern Europe. To fund this position, the class voted to sell 355 shares of Progressive.