A $1.7 billion July sale of noncore Lower 48 assets accompanied better-than-expected second-quarter results and the planned retirement of longtime CEO Ryan Lance.
ConocoPhillips said a $1.7 billion sale of noncore Lower 48 assets completed in July helped the U.S. producer reach its $5 billion asset-disposition target ahead of schedule as it reshapes its portfolio around higher-return holdings. The update came with second-quarter results that beat expectations as stronger commodity prices and cost-cutting offset lower production: profit rose to $3.9 billion, or $3.23 a share, while adjusted earnings of $3.24 a share topped analysts' $2.88 estimate compiled by LSEG despite output falling to 2.25 million barrels of oil equivalent per day from 2.39 million a year earlier. The company also said longtime CEO Ryan Lance will retire and CFO Andy O'Brien will take the helm on September 1, after a quarter in which ConocoPhillips received $200 million from noncore sales and funded $3 billion of capital expenditures and investments.