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PXD - What ConocoPhillips Is (And Is Not) Doing With Its Massive Free Cash Flow
Pioneer Natural Resources Company
As my followers know, I consider ConocoPhillips (COP) to be a top-tier energy company due to its high-quality low-cost diversified portfolio, excellent management team, and the company's flexible and analytics-based cash-allocation strategy. But above all, what sets COP apart from the majority of its peer is the company's ability to generate tons of free cash flow ("FCF").
ConocoPhillips: A FCF Cow
As the chart below shows, COP generated $6.5 billion in FCF over the past four quarters. The chart also shows how management allocated its massive FCF haul between share buybacks and dividends: