6 Things ConocoPhillips' CFO Wants You to Know About the Progress on Its Strategy
Last November, ConocoPhillips (NYSE: COP) unveiled its value proposition for investors as it transitioned to a disciplined, returns-focused exploration and production company. The U.S. oil giant outlined three principles that would, in turn, drive five capital allocation priorities, which the company believed would allow it to generate healthy total annual returns for investors.
In addition to those overarching principles and priorities, the company announced several accelerated actions to give it a jump-start on this new strategy. These included selling $5 billion to $8 billion in assets over the following three years and using the cash to repurchase $3 billion in stock and strengthening its balance sheet by getting debt below $20 billion. With several months having passed since it unveiled this strategy, CFO Don Wallette updated investors on the progress the company had made on these and its other objectives during the second-quarter conference call.
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Source: Fool.com
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