ConocoPhillips is entering a period of higher oil prices with a fairly efficient asset portfolio, which should help it generate a lot of excess free cash flow (FCF) to pay dividends and reduce some of the debt it took on last year. Here's why oil and gas giant ConocoPhillips (NYSE: COP) is a dividend stock worth considering if you're worried about inflation. ConocoPhillips is primarily an upstream company and it's the largest independent U.S.-based producer.