ConocoPhillips gains in Q2 on price improvements
US major ConocoPhillips reported a sharp earnings gain in Q2 2020, with after-tax earnings rising to $2.09bn from $260mn and after-tax adjusted earnings reversing a year-ago loss of $994mn to a profit this year of $1.72bn.
Cash flows from operations more than doubled sequentially, to $4.25bn from $2.08bn in Q1 2021, and was sharply higher compared to $157mn in Q2 2020.
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It attributed the stronger results to higher realised commodity prices and increased production volumes. Conoco’s total average realised price more than doubled, to $50.03/barrel of oil equivalent from $23.09/boe in Q2 2020, while total production rose (excluding Libya) averaged 1.55mn boe/day, an increase of 566,000 boe/day year-over-year.
Natural gas production increased to 3.26bn ft3/day from 2.28bn ft3/d in Q2 2020, led by a three-fold increase in Lower 48 US production to 1.46bn ft3/d from 486mn ft3/d. Its average realised natural gas price rose to $4.16/’000 ft3from $3.22/’000 ft3, with significant improvements in every operating area.