Free cash flow is booming with commodity prices holding firm
Limited hedging boosts US super-indies
Strong domestic asset bases are helping drive financial performance at Occidental and ConocoPhillips and giving pause for thought on production guidance
US super independents Occidental Petroleum and ConocoPhillips have both enjoyed their best financial quarter since the pandemic devastated energy demand and caused global supply to contract. Occidental posted its first positive net income result in over a year for Q2, while ConocoPhillips more than doubled its income compared with Q1. ConocoPhillips’ unhedged position marks it out among US E&Ps, with most taking a more cautious approach after the volatility of the past year. The company generated c.$2.8bn in free cash flow (FCF) over Q2. Occidental also managed its highest FCF, but revenues could have been even higher if the firm had not collared 630mn ft³/d (17.8mn m³/d) in gas producti
Also in this section
12 December 2025
The federal government is working with Alberta to improve the country’s access to Asian markets and reduce dependence on the US, but there are challenges to their plans
12 December 2025
The latest edition of our annual Outlook publication, titled 'The shape of energy to come: Creating unique pathways and managing shifting alliances', is available now
11 December 2025
The removal of the ban on oil and gas exploration and an overhaul of the system sends all the right messages for energy security, affordability and sustainability
10 December 2025
The economic and environmental cost of the seven-year exploration ban will be felt long after its removal
