Production in Texas and North Dakota saw net income increase to $2.7billion, ConocoPhillips today confirmed.
The final tally was an increase on last year’s $2.48billion. Its share price currently sits at $2.17 – a slight gain on the previous period’s $2.
The positive figures follow a massive strategy shift orchestrated by chairman and chief executive Ryan Lance.
The company leader was instrumental in overseeing $10billion in asset sales over the past two years to fund dividend payments and expansion in North America.
The firm will focus on emerging fields, which demand lower drilling costs, as the oil market continues its downward trend.
Lance said: “Operationally, we are meeting our growth milestones.
“We recently started production at three major projects, continued to generate strong results from our development activities in the North American unconventionals and completed a series of planned major turnarounds across the portfolio. On the financial side, we increased the dividend in July, and we continue to remain focused on returns and growing our margins.
“ConocoPhillips is well positioned in the current environment to deliver 3 to 5% volume and margin growth with an attractive dividend. We have completed a significant transformation that provides us with strong base assets and a high-quality inventory of investment opportunities. Importantly, we expect strong growth in 2015 driven by ongoing success in the North American unconventionals and startup of several major projects, including Surmont 2 and APLNG.
“Capital spending on those projects peaked in 2014, which provides increasing capital flexibility. This increased flexibility allows us to respond more easily to changing market conditions while continuing to deliver organic growth and an attractive dividend.”
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