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ConocoPhillips tops estimates and names CFO Andy O'Brien CEO
Adjusted profit rose to $3.24 per share on revenue up 32.4% to $19.5 billion, as CEO Ryan Lance retires on September 1.
ConocoPhillips reported adjusted earnings of $3.24 per share, beating the $2.88 Wall Street expected, and revenue climbed 32.4% to $19.5 billion, its strongest quarterly results since 2022, according to Yahoo Finance. The company said production slipped nearly 6% to 2.25 million barrels of oil equivalent per day, with results supported by a 36% increase in realized prices. ConocoPhillips also announced leadership changes, with CEO Ryan Lance set to retire after 14 years and CFO Andy O'Brien taking over on September 1, just as the firm pursues a $7 billion free cash flow growth pledge through 2029 that depends heavily on completing the Willow oil project in Alaska. The Willow project has already climbed to a $9 billion price tag, and Yahoo Finance noted that Exxon Mobil reported a $14.7 billion quarterly profit that was its biggest in four years, but still missed per-share expectations.