ConocoPhillips Updates Strategy at Analyst Day; Increasing Fair Value Estimate
At its annual analyst day, ConocoPhillips laid out its plans to cope with what it expects to be an extended period of low and volatile oil prices. In an effort to differentiate itself from exploration and production, or E&P, peers, it will prioritize free cash flow generation and returns, as opposed to absolute growth. Maintaining current production levels and paying the existing dividend will take precedence, followed by annual dividend growth, debt reduction, and then growth, assuming high...ConocoPhillips is an exploration and production company engaged in exploring for, producing, transporting and marketing crude oil, bitumen, natural gas, liquefied natural gas and natural gas liquids. The company's segments include: Alaska, which operates in Alaska; Lower 48, which operates in the United States and the Gulf of Mexico; Canada, which operates in Alberta and British Columbia; Europe and North Africa, which consists of operations and exploration activities in Norway, the United Kingdom and Libya; Asia Pacific and Middle East, which operates in China, Indonesia, Malaysia, Australia, Qatar, and Timor-Leste; and Other International, which operates in Colombia, Chile and Argentina.
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