Based on the Iran deal - I don't see oil bouncing to the upside, which in turn will cap any potential for COP to execute a 'massive' turnaround as well. I don't believe it will remain this cheap, however as the stock sports an incredible 5.8% dividend yield after this crash.
The question is - how safe is that dividend? Will the crash in oil result in oil companies slashing dividends? And if so - can you still own COP, XOM etc?
I've yet to hear of any large integrated oil company talking about the dividend yet - and usually you hear rumors and rumblings before the trouble really begins.
That said - my decision on whether to 'hold' COP rests with WTI oil prices. That chart will be next.