ConocoPhillips' 'value over volume' strategy has resonated with investors. The company's shares have surged 53% in the last 12 months. With its solid financial framework, ConocoPhillips is set to maintain the momentum on the shareholder distribution front. Emphasis is now shifting towards growth, which is anchored on two key strands i) unlocking value from tight oil and ii) Alaska. The company is reaping the benefits of its low-cost, oil-weighted portfolio. But if investor sentiment shifts to growth, we believe ConocoPhillips longer-term development pipeline lacks the strength and depth of its peers.