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Summary Overall, a solid earnings report from ConocoPhillips. Free cash flow generation, a dividend increase, share buybacks, and debt reduction, with more good news to come.
There were plenty of positive Conoco phillips strategic management gains realized during the quarter, but no major new pieces of info came out on that front during the release. Expect to hear more about its divestment program throughout the year, with an eye on its San Juan operations.
Favorable financial updates During Q3 and Q4when energy prices were slightly lower than the YTD, ConocoPhillips was able to generate enough operating cash flow net of working capital changes to cover both its capital expenditures and its dividend payments.
Reading into the bits of info Conoco put out, it seems dividend increases will be the main way the firm wants to reward shareholders with buybacks representing a nice cherry on top.
That will see its production base grow from 1. By the middle ofConoco was running just two rigs in the Eagle Ford and one in the Bakken, leading to production declines. To turn that picture around Conoco added four rigs to each of those plays by early By early-February another rig will be added to its Permian division.
Management noted that a third rig is expected to hit the Permian sometime this year, which may also operate in the Niobrara play for part of This rig will target both conventional and unconventional plays in the Permian and if it does hit the Niobrara play, will be used for appraisal, delineation, and optimization purposes to set the stage for full field development later on.
Investors should expect to here a lot more operational updates, particularly in regards to the Permian, throughout the year as unconventional drilling activity is aggressively ramped up.
The ramp up at the Australia Pacific LNG venture will provide a major boost to Conoco this year as the second train was brought online in Q4, aided by additional increases from its FCCL Foster Creek and Christina Lake expansions were brought online last year and Surmont oil sands ventures as well.
Updates regarding operational improvements were positive but light on new information. Pivoting up North to Alaska, management highlighted that the Willow discovery could house over million recoverable barrels of oil and that 3D seismic activity was underway, but that was about it.
Overall, a solid quarter for ConocoPhillips and one that reinforces my bullish sentiment. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it other than from Seeking Alpha.
I have no business relationship with any company whose stock is mentioned in this article. Follow Callum Turcan and get email alerts Your feedback matters to us! Want to share your opinion on this article?
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