(NYSE: COP) spent several years repositioning its global oil and gas portfolio by jettisoning non-core assets and building around its lowest-cost and highest-return operations. That strategy has paid big dividends in recent years. Literally -- the oil giant has transformed into a cash-gushing machine, which is giving it lots of money to return to shareholders.

The oil company's cash-generating capabilities were on full display in the second quarter. With further improvements ahead, it expects to return lots of cash to shareholders in 2024 and beyond.

ConocoPhillips produced more than 1.9 million barrels of oil equivalent per day (BOE/d) in the second quarter. That was a 140,000 BOE/d increase from the year-ago period, about 4% higher after adjusting for the impact of acquisitions and asset sales.

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Source Fool.com