ConocoPhillips Q3 2021 Earnings Report

Earnings increased due to higher realized prices and volumes.

Key Takeaways

ConocoPhillips reported Q3 2021 earnings of $2.4 billion, or $1.78 per share, compared to a loss of $0.5 billion, or ($0.42) per share in Q3 2020. Adjusted earnings were $2.4 billion, or $1.77 per share, compared to an adjusted loss of $0.3 billion, or ($0.31) per share in the same period last year. Production excluding Libya was 1,507 MBOED.

Delivered strong operational performance across the company’s asset base, including successful planned maintenance turnarounds, resulting in third-quarter production of 1,507 MBOED, excluding Libya.

Cash provided by operating activities was $4.8 billion.

Excluding working capital, cash from operations (CFO) of $4.1 billion exceeded capital expenditures and investments of $1.3 billion, generating free cash flow (FCF) of $2.8 billion.

Ended the quarter with combined cash, cash equivalents and restricted cash of $10.2 billion and short-term investments of $0.7 billion, totaling $10.9 billion in ending cash and short-term investments.

Total Revenue

$11.6B

Previous year: $4.38B

+165.2%

EPS

$1.77

Previous year: -$0.31