ConocoPhillips reported its best quarterly results since 2022 and announced that CFO Andy O'Brien will succeed Ryan Lance as CEO on September 1. Adjusted profit came in at $3.24 a share, well ahead of the $2.88 Wall Street expected, and revenue jumped 32.4% to $19.5 billion even as production slipped nearly 6% to 2.25 million barrels of oil equivalent per day. O'Brien inherits a $7 billion free cash flow growth pledge through 2029 that depends heavily on the Willow oil project in Alaska, whose price tag has climbed to $9 billion. Rival Exxon Mobil posted its biggest quarterly profit in four years at $14.7 billion, up 67% from the first quarter, but adjusted earnings of $3.52 a share missed the $3.60 estimate and its shares fell 1%. Hedge fund data showed ConocoPhillips holders rising to 74 from 65, while Exxon holders slipped to 94 from 98.
ConocoPhillipsBeat earnings estimates and announced CEO succession, with strong revenue growth.
Chevron Corp
Exxon Mobil CorpMissed earnings estimates despite strong profit, causing shares to fall.
