Why Did ConocoPhillips Rise 55% in the First Half of 2021?

Shares of crude oil producer ConocoPhillips (NYSE: COP) climbed 55% in the first half of the year, according to data provided by S&P Global Market Intelligence, due primarily to rising oil prices. ConocoPhillips is an exploration and production company, meaning it makes money by drilling for oil and natural gas, then selling those resources. The market price of crude oil is one of the primary factors that drive revenue.

Stock prices were down across the energy sector following a very challenging 2020, but the steady recovery of crude oil prices has pulled many energy stocks up with it. ConocoPhillips' price chart looks very similar to the United States Oil Fund (NYSEMKT: USO), an ETF designed to track crude oil's price.