8.4 Billion Reasons to Consider Buying This High-Yielding Oil Stock
ConocoPhillips (NYSE: COP) has done an impressive job navigating through the challenges of the current oil market. That was quite clear in its third-quarter results as the energy company continued to generate a gusher of free cash flow even though crude prices slumped during the period.
The oil producer's ability to generate cash was one of the key takeaways of its third-quarter conference call. Not only is that giving it the funds to return an increasing supply of money to shareholders, but it's also growing its cash war chest, which stood at an impressive $8.4 billion at the end of the quarter. That mammoth cash position makes its 3%-yielding dividend one of the safest in the oil patch, which is why income-seeking investors will want to carefully consider this oil stock.
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Source Fool.com
