U.S. energy company ConocoPhillips (COP - Analyst Report) has decided to pull back from shale gas exploration in Poland as it failed to uncover commercial volumes of the gas.

Per ConocoPhillips, since 2009 around $220 million has been invested in Poland by the company’s affiliate– Lane Energy Poland. Seven wells have been drilled by the unit over its three Western Baltic concessions.

After Chevron Corporation (CVX -Analyst Report) withdrew from the region at the beginning of this year, ConocoPhillips’ was the last major oil company looking for shale gas in Poland.

ConocoPhillips is a major global exploration and production (E&P) company with operations and activities in 27 countries that include the U.S., Canada, the U.K./Norway, China, Australia, offshore Timor-Leste, Indonesia, Libya, Nigeria, Algeria, Russia and Qatar.

ConocoPhillips is a leading energy company in terms of both natural gas and heavy crude oil in North America. Moreover, the company enjoys a legacy position in the North Sea along with growing exposure to lucrative international regions. ConocoPhillips expects such positives to help it replace reserves and sustain production growth over the long term.

ConocoPhillips is also poised to benefit from a pipeline of projects in the Gulf of Mexico (GoM), Malaysia, the liquefied natural gas project in Australia, the U.K., Norway, and the Canadian oil sands, besides the U.S. Lower 48 liquids-rich plays. Oil sands expansion projects are on track. In Sep 2014, Foster Creek Phase F and the Britannia Long-Term Compression projects witnessed first yield The Gumusut floating production system, on the other hand, achieved first production in October, last year. These ramp-up activities are expected to fuel the company’s long-term production growth.

ConocoPhillips currently carries a Zacks Rank #3 (Hold). Better-ranked players from the same space are Transmontaigne Partners L.P. (TLP - Snapshot Report) and Pembina Pipeline Corporation (PBA - Snapshot Report). All these stocks sport a Zacks Rank #1 (Strong Buy).