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COP, EOG, OXY, APC: Which Generated the Highest Free Cash Flow?

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Sep. 18 2018, Updated 7:31 a.m. ET

Adjusted earnings

Previously, we looked at ConocoPhillips’s (COP), EOG Resources’ (EOG), Occidental Petroleum’s (OXY), and Anadarko Petroleum’s production growth (APC). In this article, we’ll look into their adjusted EBITDAX (earnings before interest, tax, depreciation, and amortization, and exploration expenses) and free cash flow.

In the second quarter, ConocoPhillips’s adjusted EBITDAX grew 108.4% YoY (year-over-year), the most among peers. Despite COP’s average daily production falling, its adjusted EBITDAX grew strongly, driven by improved average realized sale prices and lower cash operating costs. Meanwhile, EOG’s, OXY’s, and APC’s adjusted EBITDAX grew 72.0%, 87.6%, and 50.7% YoY, respectively.

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Free cash flow

ConocoPhillips generated the highest free cash flow in the first six months of this year, of $2.207 billion, reflecting its strong well economics and higher yields. Meanwhile, EOG’s and OXY’s free cash flow was $369 million and $446 million, respectively, and APC’s free cash flow was negative (-$622 million). The negative cash flow means the company’s capital expenditure was higher than its cash flow from operations. In the next article, we’ll look at the four peers’ capital expenditure guidance.

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