Buoyed by its acquisition of Marathon Oil and its Willow Project in Alaska, ConocoPhillips produced 2,391,000 barrels of oil equivalent per day in the second quarter including 1,508,000 BOE in the Lower 48 States. CEO Ryan Lance added in his second quarter earnings call report that Alaskan and international production averaged 883,000 BOE per day following turnarounds in Norway and Qatar. Lance said he has good reasons to expect a $7-billion free cash flow by 2029. \"Assuming a $60- to $70-per-barrel West Texas Intermediate Crude price environment, we expect the major projects we’re currently progressing, in combination with additional cost and margin enhancements that we just announced, to drive a $7-billion free cash flow inflection between now and 2029,\" he said. \"That would almost double the consensus free cash flow expectation for the entire company this year and we don’t have to wait till 2029.\" He said about a third of that is coming through the liquefied natural gas channel and there will be consistent start-ups starting next year in Qatar, Port Arthur and the Willow Project. \"So all of that’s coming,\" Lance said. \"Everything is on track to nearly double our current consensus free cash flow. There is no other exploration and production that can match what’s coming for us, including the integrated majors. \"We delivered another strong execution quarter, once again exceeding the top end of our production guidance range,\" Lance said. \"We reiterated the midpoint of our full-year production guidance even with the announced agreement to sell our Anadarko Basin asset for $1.3 billion.\" The Anadarko Basin covers 50,000 square miles in Oklahoma, the Texas Panhandle, southwestern Kansas and southeastern Colorado. Lance said asset integration for Marathon Oil is now complete and his company has significantly outperformed its acquisition case. \"We added more high-quality, low-cost supply resource, achieving more synergies and delivering a more efficient Lower 48 development program and we’ve already announced more asset sales than we guided at the time of the transaction announcement,\" he said. \"Given our integration success, which builds upon other successful transactions as well as our recent implementation of a new company-wide enterprise resource system, we continue to drive for improvement across every level of the organization.\" Lance said ConocoPhillips has identified more than $1 billion of additional cost reduction and margin enhancement opportunities on top of the more than $1 billion of Marathon synergies it had already expected to realize. \"Additionally now that we’ve exceeded our $2-billion asset sales objective ahead of schedule, we’re raising our total disposition target to $5 billion,\" he said. \"Collectively these initiatives will strengthen our ability to generate strong returns on and of capital through the cycles and enhance our long-term value proposition. \"Our global portfolio is deep, durable and diverse and we’re recognized as having the most advantaged U.S. inventory position in the sector. We believe this advantage will become increasingly apparent as the U.S. shale industry continues to mature and investors are forced to more clearly sort through what we call the inventory haves and have-nots. \"We are a clear leader in the U.S. inventory haves.\" Lance said his company is uniquely investing in its high-quality portfolio, specifically its longer cycle projects in LNG and Alaska, to deliver strong returns and a compelling multi-year free cash flow growth profile. Chief Financial Officer Andy O’Brien said the company generated $1.42 per share in adjusted earnings during the second quarter. \"We had a $1.5-billion working capital headwind, effectively offsetting the equivalent-size tailwind that we realized last quarter,\" O’Brien said. \"Capital expenditures were $3.3 billion, slightly down quarter on quarter. We returned $2.2 billion to our shareholders including $1.2 billion in buybacks and $1 billion in ordinary dividends. Through the first half of this year we’ve returned $4.7 billion to our shareholders, consistent with our full-year guidance and long-term track record. We ended the quarter with cash and short-term investments of $5.7 billion plus $1.1 billion in long-term liquid investments.\"\n\nConocoPhillips Chairman-CEO Ryan Lance says inflation and supply chain constraints continue to hamper the energy industry and the world economy. In his Houston-based company’s third quarter earnings report last Friday, Lance said that’s particularly true in United States oil shale areas like the Permian Basin \"where rapidly escalating costs combined…\" November 8, 2022 In \"Local News\"\n\nThe ConocoPhillips Corp. got 2024 off to a good start with an array of initiatives that included liquefied natural gas projects in Qatar and Port Arthur. Chairman-CEO Ryan Lance said in his first quarter report from Houston the company continues to ramp up production at its Surmont Pad 267 in… May 3, 2024 In \"Business\"\n\nConocoPhillips is moving into the liquefied natural gas market in a big way in its effort to help cut greenhouse gas emissions. Chairman-CEO Ryan Lance of Houston says that need \"is going to drive increasingly strong global LNG demand and related opportunities well into the future. \"As recently announced, we…\" September 8, 2022 In \"Local News\"

New projects drive ConocoPhillips’ burgeoning optimism

ConocoPhillips reported strong second-quarter production of 2,391,000 barrels of oil equivalent per day, with 1,508,000 BOE from the Lower 48 States and 883,000 BOE from Alaska and international operations. CEO Ryan Lance stated the company expects to achieve $7 billion in free cash flow by 2029 under a $60–$70 per barrel WTI price environment, driven by major projects including liquefied natural gas (LNG) initiatives in Qatar, Port Arthur, and the Willow Project in Alaska. The company has completed the integration of Marathon Oil and has realized over $2 billion in synergies, with additional cost and margin enhancements totaling more than $1 billion. ConocoPhillips also announced a $1.3 billion sale of its Anadarko Basin asset and raised its total asset disposition target to $5 billion. The company returned $4.7 billion to shareholders in the first half of the year through dividends and buybacks, ending the quarter with $6.8 billion in cash and liquid investments. Lance emphasized the company's strong U.S. inventory position and leadership in the U.S. shale sector, highlighting its focus on long-cycle LNG and Alaska projects to deliver sustainable free cash flow growth.