ConocoPhillips delivered a strong set of Q2 results to cap off an eventful quarter. Earnings were up y-o-y, supported by improved commodity prices and strong production. Gearing now stands at 26%, following the payment of an additional US$2.0 billion of debt. With its strong financial footing, the company increased its buyback programme by 50%. ConocoPhillips' buyback programme has resonated with investors and this is reflected in its share price outperformance over the past year.