OPTIONS FLOW$COPConocoPhillipsOpen ticker analysis →ConocoPhillips options lit up on Friday when a $9.6M floor trade crossed in the Dec 18 $115 calls. The feed classifies the print on the sell side, with the strike 19% in the money relative to the recorded stock price.
What happened
The trade printed in the final half hour, around 3:50 p.m. ET on Friday, November 13, 2026, with $COP recorded near $142.01 at the event. 3,550 contracts went through at $27.05 apiece, or $2,705 per contract, for $9.6M in total premium.
The feed labels this a floor trade. That execution category does not identify the investor, establish an opening position or reveal other holdings.
There were 7,209 contracts open at this strike before the session. Opening and closing activity can offset; the next open-interest total adds context without identifying this participant.
Why it matters
For a standalone opening short call, premium is retained in full if $COP finishes at or below the $115 strike at Dec 18 expiration. The expiration breakeven is $142.05 before fees. A sell-side print can instead close a long call, and the feed does not show whether any shares or other options cover a short position.
The record shows 34 days to the Dec 18 expiration. That is the contract's remaining life at the event, not evidence of how long the participant intends to hold it.
The numbers
| Contract | COP Dec 18 $115 Call |
|---|---|
| Expiration | Dec 18, 2026 (34 days) |
| Execution | Floor Trade |
| Side classification | Sell side; opening or closing unconfirmed |
| Contracts | 3,550 |
| Price | $27.05 ($2,705 per contract) |
| Total premium | $9.6M |
| Stock at the trade | $142.01 |
| Strike vs. stock | 19% in the money |
| Breakeven at expiration | $142.05 |
| Open interest before | 7,209 |
Three ways this could play out
Bullish continuation
If $COP pushes through $142.01, the recorded stock price, that direction would work against the listed side if it opened a standalone position. The $142.05 expiration breakeven is a payoff reference, not a predicted price or an identified stop.
Bearish rejection
If $COP slips under $115.00, the listed strike, that direction would favor the listed side if it opened a standalone position. Compare the final price with the $142.05 expiration breakeven before fees; changes in volatility and time value can alter an earlier exit.
Neutral stabilization
If $COP stays between $115.00 and $142.01 into Dec 18, compare the final stock price with the strike and breakeven. Time decay can reduce remaining time value, but changes in implied volatility and intrinsic value can offset it; the execution side alone cannot establish a profit.
What to watch next
- $142.05: expiration breakeven for a standalone opening call at the listed premium, before fees.
- $115 strike: whether $COP moves toward it or away from it.
- Open interest at the $115 call in the next session. Compare the total with session volume; the change aggregates every participant in the series.
- Repeat flow in the Dec 18 expiration. More size at nearby strikes would show this was not a one-off.
- December 18, 2026: expiration, 34 days out.
