CONOCOPHILLIPS

ConocoPhillips (COP), the largest independent U.S. exploration-and-production company by market capitalization, now anchors a $129.4 billion institutional register spread across 2,463 holders — a holder population so large that any single-quarter narrative must be read primarily as a redistribution among existing cohort types rather than a chasing-in of new holders. The two central facts of Q1 2026 are the Vanguard dual-entry signal and the simultaneous rotation within the active-discretionary cohort. Vanguard opened$10.5 billion in Capital Management and$3.7 billion in Portfolio Management — the largest new-creation event in the file, and a fingerprint of the name crossing the float-and-liquidity threshold that triggers index inclusion across multiple broad-market sleeves. State Street and Charles Schwab IM are also growing the passive sleeve, while BlackRock — already the single largest holder at $12.0 billion — added$3.7 billion in both shares and value. Against that passive tsunami, three of the register's most prominent value-oriented active holders trimmed meaningfully: Wellington Management reduced by$476 million, Eagle Capital cut by$639 million, and Capital International shed $420 million. JPMorgan and Ameriprise provided the principal active-discretionary counterbalance, each adding$1.5-2.2 billion. The net read: ConocoPhillips' register is undergoing a structural transition from a balanced active/passive split toward a passive-dominated configuration — a re-weighting event that will make the stock's price behavior more correlated with broad-market index flows and less with the discretionary value-and-income decisions that drove its register in prior years.