Because of COP's high dividend rate, I believe that COP's drip program is an excellent way to save for the long term future, retirement, children's education, etc. The drip program will allow you to painlessly accumulate shares over the years.
The drip program isn't worthwhile if you only plan on participating in the program for the short term.
I am currently in the COP drip program for shares owned in my tax deferred IRA, so, at present I don't pay any taxes on them at the current time.
If your COP shares are in a Roth IRA, your earnings on the COP shares and on the drip dividends would never be taxed. Roth is the way to go.
Drip is good, pay off in the long run in case stocks fall , and better yet if you have brokerage house who do DRIP, so after divident you want to make a pro fit cause stock is up then you have stock buy by DRIP then you can get same stock back at the lower price.
I don't like DRIP plans; their use is not consistent with my investment philosophy which is that the market is - generally - fundamentally OVERPRICED most of the time, until there is a "SALE" and it then isn't. DRIP plans result in unpropitious buying when stocks are HIGH; better to accumulate cash for REAL buying opportunities