Everything said is true, BUT...if you are looking at a P/E of 6 on your YAHOO screen, recognize that the trailing 12 month earnings INCLUDE PSX!! Back those out, and you have a more realistic 9-10X earnings. Still cheap, I still like it, great divi. Just not quite the deal that it looks like.
The financials you are likely looking at, from which a "low PE" obtain, are pre PSX spin-off, whereas the "market" has already factored into COP's current market price the various analysts' estimates of what the post-spinoff PE will be. At this point in time, pre-spinoff fin'l data is the only hard data available.
I think it's safe to say that longs believe this to be undervalued, especially after the PSX spinoff. Also, it pays a very handsome dividend at these levels. COP is a great candidate for growth when(ever) the economy truly turns around. In the mean time, you're receiving that dividend as compensation for holding the stock. Not a bad deal imo.