It is true that COP is selling assets and retrenching to N America. A big part of their forward strategy is chasing non-conventional oil and gas plays. Most unbiased parties are forecasting a gas glut for the next few years so you shouldn't expect to see growth in the value of their large gas assets. Oil prices are also falling. So I see them as a pure proxy on oil & gas prices, which are both falling.
As far as political risk, you should consider the current environment in the US to raise taxes.
when I talk of political risk, I am talking about nationalization, blowing up oil fields, killing workers, the third world nations that I wouldn't visit on vacation because of risk to personal life. Unstable govts are not necessarily where taxes are high. But taxes are going up under the Obamacare scenario and also to a lesser extent under fiscal cliff legislation.