Call Spread on COP on 12/27/2022

ConocoPhillips (COP) explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. 

It primarily engages in the conventional and tight oil reservoirs, shale gas, heavy oil, LNG, oil sands, and other production operations.

The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects. 

Shares have formed a bullish "double bottom" and higher share prices are expected. The company reports February 2nd.

We will be trading January 20th Call Options

Last Trade: $107.00

Trading Range: $70.46 to $138.49   

Trade Buy 1 January $105.00 Call at $13.10 Sell 1 January $115.00 Call at $5.90 For a net debit of $7.20 Profit/Loss Analysis Breakeven at $112.20 Maximum profit is $280.00 at strike of $115.00 Maximum loss is ($720.00) at strike of $105.00 Closing Summary Sold 1 January $105.00 Call at $15.95 Bought 1 January $115.00 Call at $6.10

Position closed on 1/12/2023 at price of $9.85 with a 36.81% gain in 16 days.

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