ConocoPhillips (NYSE: COP) reported Q2 EPS of $0.14, $0.16 better than the analyst estimate of ($0.02).

• Cash provided by operating activities exceeded capital expenditures and dividends for the fourth consecutive quarter.
• Achieved second-quarter production excluding Libya of 1,425 MBOED; 3 percent year-over-year underlying production growth when excluding the impact of closed and signed dispositions. Increasing full-year underlying production, while also lowering capital expenditures guidance.
• Closed Canada transaction, announced San Juan and Barnett asset dispositions for total consideration of up to $3.3 billion, and signed an agreement in July for the sale of Panhandle. Expect over $16 billion of dispositions during 2017.
• Strengthened balance sheet through $3.0 billion of early debt retirement in the second quarter and a further $2.4 billion debt committed to be retired in the third quarter; expect year-end debt of less than $20 billion.
• Repurchased $1.0 billion in shares during the quarter, with ending share count reduced by 2% from the first quarter. On track for $3 billion in share repurchases in 2017.
• Executed second-quarter turnaround activity in Malaysia, Alaska, Europe, Australia and Canada; activity ongoing in the third quarter.
• Reduced year-over-year production and operating expenses by 8 percent and adjusted operating costs by 13 percent.
• Improved full-year outlook for capital expenditures, production, and depreciation expense guidance.

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