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16:00
Aug 06 ◎

COP FY2026 Q2 Watch

ConocoPhillips (COP) FY2026 Q2 Earnings Call

SLB HAL COP LNG GLNG ▾

Andy O'Brien

Willow project's capital expenditure has peaked, and company expects overall capex to decline from here on. — A decline in COP's capex will reduce spending in Alaska, potentially impacting oilfield service companies operating in that region, though the company still maintains significant investment in Lower 48.

"to the first part of your answer is we passed the peak of Willow. And then the second part of your answer, we absolutely expect our CapEx to move lower from here, particularly as Willow comes online early in 2029."

SLB WATCH HAL WATCH

Andy O'Brien

Management is extremely confident in its trajectory, citing record production, sale completion, and pipeline of projects that will structurally reduce its reinvestment rate and breakeven, positioning for superior capital returns.

"We remain firmly on track to deliver our $7 billion free cash flow inflection by 2029, effectively doubling last year's total free cash flow."

COP WATCH

Andy O'Brien

New LNG offtake agreements include one in Indonesia, adding Pacific Basin supply to the portfolio for optimization. — Having Pacific Basin supply gives COP flexibility in global LNG trading, allowing it to optimize margins across basins, potentially putting it in direct competition with major LNG traders like Cheniere (LNG).

"we're supplementing it with some Pacific Basin supply. Again, that's low cost of supply too. And this was always part of our strategy."

LNG WATCH GLNG WATCH

HIGH

16:00
Apr 30 ◎

COP FY2026 Q1 Watch

ConocoPhillips (COP) FY2026 Q1 Earnings Call

COP ▾

Ryan Lance

Management signals a strong uplift in cash flow and maintains a shareholder-friendly payout, underpinned by higher oil and LNG prices despite Middle East disruptions.

"Our expected CFO generation is up materially given our unhedged oil and LNG torque. Shareholders will directly share in this upside with our 45% of CFO return of capital objective."

COP WATCH

HIGH

17:00
Feb 05 ◎

COP FY2025 Q4 Watch

ConocoPhillips (COP) FY2025 Q4 Earnings Call

CVX WES COP ▾

Kirk Johnson

Chevron is advancing Equatorial Guinea upstream projects that could feed ConocoPhillips' LNG plant; positive for Chevron's Gulf of Guinea position and for extending the life of the LNG infrastructure.

"Specifically with Chevron, they've made some notable progress in a few of their projects. A couple of both new fields as well as, you know, continued development of some existing fields that create some upside for that."

CVX WATCH

Nick Olds

COP renegotiated Delaware Basin gas midstream contracts with WES, making Western Midstream a key piece of its $1B cost-savings program. — A major Permian producer has locked in lower midstream fees, which pressures WES revenue growth in one of its core basins.

"for the western midstream, we did directly contract that through west, and that's one of the key drivers that Andy had mentioned that achieves that billion dollars of cost savings run rate by year end 2026."

WES WATCH

Ryan Lance

Management guided to a $7B free cash flow inflection by 2029 driven by cost/capex reductions, LNG startups, and Willow; tone is confident and forward-looking.

"We anticipate realizing approximately $1 billion of incremental free cash flow each year from 26 through 28, with another $4 billion from Willow coming online in 2029. And that's a growth profile that's unmatched in our industry."

COP WATCH

HIGH

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