ConocoPhillips delivered second-quarter results that exceeded Wall Street expectations, with revenue of $19.52 billion versus analyst estimates of $17.81 billion and adjusted EPS of $3.24 versus $2.92. CEO Ryan Lance, in his final quarter before retirement, highlighted record Permian Basin production and completion of the company's $5 billion disposition target. Analyst questions focused on the leadership transition to incoming CEO Andrew O'Brien, production ramp in Qatar, capital expenditure trajectory after Willow, and the strategic rationale for expanding LNG offtake in Indonesia. O'Brien confirmed that peak capital expenditures are behind and capital needs will decrease, supporting free cash flow inflection.
ConocoPhillipsQ2 earnings beat estimates with higher revenue and EPS, and peak capex behind supports free cash flow inflection.
