The oil and gas company's seven-spot dip in rankings doesn’t tell the full story, given an enduring period of volatility in the crude market. While sales for the year fell 5%, to $36.7 billion, profits shot up 15% year-over-year, as ConocoPhillips tightened its structure and grew daily production volume by 5%. The Houston-based company generated more than $3 billion from the sales of its U.K. and northern Australia businesses, bringing total cash and short-term investments for the year up to $8.4 billion. The refocusing of its portfolio, as well as disciplined spending, allowed ConocoPhillips to reward shareholders with $1.5 billion in dividends and $3.5 billion in share buybacks.
Courtesy of ConocoPhilips
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