ConocoPhillips Q2 2021 Earnings Report
Key Takeaways
ConocoPhillips reported strong second-quarter earnings of $2.1 billion, with adjusted earnings of $1.7 billion. The company generated $4.3 billion in cash from operating activities and produced 1,547 MBOED excluding Libya. Their performance follows a market update where they laid out a compelling 10-year plan.
Delivered strong operational performance across the company’s asset base, including successful planned maintenance turnarounds, resulting in second-quarter production of 1,547 MBOED, excluding Libya.
Cash provided by operating activities was $4.3 billion.
Excluding working capital, cash from operations (CFO) of $4.0 billion exceeded capital expenditures and investments of $1.3 billion, generating free cash flow (FCF) of approximately $2.8 billion.
Ended the quarter with combined cash, cash equivalents and restricted cash of $7.0 billion and short-term investments of $2.3 billion, totaling over $9 billion in ending cash and short-term investments.
ConocoPhillips
ConocoPhillips
Forward Guidance
Third-quarter 2021 production is expected to be 1.48 to 1.52 MMBOED, reflecting seasonal turnarounds planned in Alaska and the Asia Pacific region. This guidance excludes Libya and assumes that previously announced divestitures close during the third quarter of 2021. All other guidance items are unchanged.