ConocoPhillips Shares 10-Year Plan: Debt Reduction On Track, Capital Expenditure To Average $10B Annually

ConocoPhillips COP disclosed a detailed 10-year operating and financial plan at an analyst & investor meeting.
Based on a $60 per barrel WTI mid-cycle price, the plan includes FCF available for distributions of $115 billion (denoting over 90% of the market cap) as of March 31, 2023.
The company projects strong cash flow, with compounded annual growth rate (CAGR) in cash from operations and FCF of around 6% and 11%.
It expects average capital expenditures to be about $10 billion annually, with projected production CAGR of 4% to 5% at an average reinvestment rate of around 50%.
COP expects the reduction in gross debt to be on track with the previously announced target of $5 billion by 2026.
"We remain committed to our Triple Mandate and our foundational principles and priorities. And we continue to position our company for the energy transition, accelerating our emissions reduction initiatives and expanding our global LNG business." says Ryan Lance, chairman and chief executive officer.
Also Read: ConocoPhillips Agrees To Purchase Additional Stake In APLNG For $0.5B
Price Action: COP shares traded higher by 1.47% at $108.32 on the last check Wednesday.