PSX - ConocoPhillips Primed For Recovery: Low Costs Strong Balance Sheet And Excellent Management
Like all O&G producers, ConocoPhillips (COP) was hard-hit by the demand destruction due to the onset of the global pandemic. But, as most of you know, for years, management had been preparing for increased volatility in the energy markets. That said, the very sudden and deep drop in oil demand - led by jet-fuel demand dropping like a rock practically overnight - likely surprised even the most out-of-the-box thinking management teams. Yet, COP was prepared with tons of cash on hand and a flexible business strategy that included shutting in around 225,000 boe/d