ConocoPhillips's Q2 results underscored the its ability to operate within a lower price environment. The company's balance sheet is on firmer footing following US$16 billion of asset sales in 2017. It paid down another US$3 billion in debt in Q2, lowering net debt to US$15.9 billion, from US$23.3 billion last quarter; it also repurchased US$1 billion in shares. Conoco now plans to buy back US$9 billion of its shares over the next three years, up from a target of US$6 billion previously.
The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.
This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.
This Upstream Oil and Gas Reported Results Analysis report provides rapid response analysis on company quarterly results and strategy presentations. Use it to gain the upper hand with Wood Mackenzie's opinion on the latest corporate developments.
Widely used by both the energy and financial sectors, our report gives you a unique perspective on key strategic and financial challenges, as well as opportunities facing this oil and gas company.
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