Strategic restructuring in 2014 allowed oil exploration and production firm ConocoPhillips to thrive under volatile price conditions, swinging to $6.3 billion in net income from a 2017 $855 million loss. Its minimum cost of supply is $40 a barrel, down $10 since 2017. Even with an 8.4% drop in daily production volume, returns topped those of a few years ago when oil prices were 50% higher. The debt-to-capital ratio dropped to 32% through asset sales, including $16 billion in dispositions of North American natural gas and oil sands reserves. ConocoPhillips invested in projects in Europe, Alaska, Asia Pacific, and the continental U.S.—and is also poised for new production in China.
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