2024-08-04 06:15:00 ET
ConocoPhillips (NYSE: COP) spent several years repositioning its global oil and gas portfolio by jettisoning non-core assets and building around its lowest-cost and highest-return operations. That strategy has paid big dividends in recent years. Literally -- the oil giant has transformed into a cash-gushing machine, which is giving it lots of money to return to shareholders.
The oil company's cash-generating capabilities were on full display in the second quarter. With further improvements ahead , it expects to return lots of cash to shareholders in 2024 and beyond.
ConocoPhillips produced more than 1.9 million barrels of oil equivalent per day (BOE/d) in the second quarter . That was a 140,000 BOE/d increase from the year-ago period, about 4% higher after adjusting for the impact of acquisitions and asset sales.
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This Oil Stock is a Cash-Gushing (and Returning) Machine