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ConocoPhillips delivers strong Q2 2021 financial and operational results following recent 10-year market update

04 Aug 2021

  • Reported earnings of $2.1 billion; adjusted earnings of $1.7 billion.
  • Generated cash provided by operating activities of $4.3 billion; cash from operations of $4.0 billion.
  • Produced 1,547 MBOED excluding Libya.
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ConocoPhillips has reported second-quarter 2021 earnings of $2.1 billion, or $1.55 per share, compared with second-quarter 2020 earnings of $0.3 billion, or $0.24 per share. Excluding special items, second-quarter 2021 adjusted earnings were $1.7 billion, or $1.27 per share, compared with a second-quarter 2020 adjusted loss of $1.0 billion, or ($0.92) per share. Special items for the current quarter included a gain on Cenovus Energy shares and a contingent payment from Cenovus associated with the 2017 Canadian disposition, partially offset by corporate expenses.

This quarter’s performance follows a market update held on June 30, during which the company laid out a compelling 10-year plan. The plan, based on a reference oil price of $50 per barrel West Texas Intermediate at 2020 real prices, provided a comprehensive outlook for the business post-Concho acquisition and reaffirmed the company’s commitment to playing a valued role in the energy transition, delivering sector-leading returns on and of capital and reducing greenhouse gas emissions. In conjunction with the market update, the company lowered its capital and adjusted operating cost guidance for 2021 and announced plans to increase 2021 share repurchases by $1 billion, bringing total planned return of capital to shareholders to roughly $6 billion for the year. A replay of the market update is available on the ConocoPhillips Investor Relations website,

'The market update provided a durable plan for the business that is unmatched,' said Ryan Lance, ConocoPhillips chairman and chief executive officer. 'We have a stronger, more flexible asset base and greater underlying efficiency resulting from the Concho acquisition and the restructuring work we’ve performed throughout our company. Our updated outlook comes at a time that we believe is a defining moment for the sector. ConocoPhillips uniquely meets this moment with a credible multi-year plan, continued strong execution, resilience with unhedged upside, a track record of peer-leading returns on and of capital, and a clear commitment to ESG excellence. These are the attributes that will reenlist investor interest in our sector, and we are ideally positioned to deliver them through the industry price cycles.'

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Source: ConocoPhillips

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