HOUSTON, Texas, August 14, 2026 – 23.5 Strategies, a Houston-based strategy, transaction, and execution advisory firm, today completed publication of ConocoPhillips: From Reset to the Next Test, a three-part research series examining how one of the world's largest independent producers rebuilt its operating and capital model, and the test the next phase of the cycle now sets for it.
The series was published in three parts over the course of the week: an examination of the breakdown of the company's first operating model, an account of the reset built under chief executive Ryan Lance, and an assessment of the questions the current market now puts to the model that emerged. The essays draw on public filings, investor materials, and market data.
“The series reads one company closely because that is where the lessons live: how capital discipline actually becomes institutional, how operating models survive the cycle, and what boards should examine before extending any strategy that was built in a different market,” said Bryan Kaus, founder and principal of 23.5 Strategies.
The complete series, including charts and source materials, is available on the firm's research platform.