ConocoPhillips Posts Its Best Quarterly Earnings in 3 Years

ConocoPhillips (NYSE: COP) cashed in on higher oil prices during the second quarter. The oil company generated $1.7 billion of adjusted earnings, or $1.27 per share, its highest tally since 2018. That was quite a turnaround for the company, which posted a $1 billion adjusted loss in the year-ago period. That strong result enabled the company to boost its share repurchase program, through which it aims to return more money to its investors.

ConocoPhillips produced an average of 1.547 million barrels of oil equivalent (BOE) per day during the second quarter, up 566,000 BOE per day from the year-ago period. Contributing to that surging output was its acquisition of Concho Resources, as well as the resumption of production from wells it shut in during earlier phases of the pandemic. After adjusting for those factors, output was up 3% year over year, driven by new production in the Lower 48 states and its development programs around the world.

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Source Fool.com