The chairman and chief executive officer of ConocoPhillips (NYSE: COP), Ryan Lance, has thanked the company’s workforce for their efforts in the face of “a most challenging year”.
“Throughout 2020, they protected each other, helped mitigate the spread of Covid-19 and safely executed our business as we adapted to changing market conditions,” Lance said in the company’s latest results statement.
“There was nothing easy about 2020, but the lessons from the year served to strengthen our conviction that ConocoPhillips offers the right value proposition for this volatile business -- free cash flow generation, a strong balance sheet, commitment to differential returns of and on capital and ESG leadership,” he added.
According to its website, ConocoPhillips employed approximately 9,700 people across 15 countries as of December 31, 2020. At year-end 2019, the business had approximately 10,400 employees in 17 countries, which reflected a four percent decrease from 2018, “driven primarily by asset dispositions”, ConocoPhillips notes on its site.
To protect its workforce from Covid-19, ConocoPhillips enacted strict safety protocols in its offices and worksites across the world, its website shows. The company’s mitigation efforts included face coverings, temperature checks, social distancing, and enhanced sanitation and hygiene measures.
ConocoPhillips reported a fourth quarter 2020 loss of $0.8 billion, compared with fourth quarter 2019 earnings of $0.7 billion. Excluding special items, fourth quarter 2020 adjusted earnings were a loss of $0.2 billion, compared with fourth quarter 2019 adjusted earnings of $0.8 billion. Full-year 2020 earnings were said to be a loss of $2.7 billion, compared with full-year 2019 earnings of $7.2 billion. Excluding special items, full-year 2020 adjusted earnings were a loss of $1 billion, compared with full-year 2019 adjusted earnings of $4 billion.
During 2020, cash provided by operating activities was $4.8 billion. Excluding working capital, cash from operations of $5.2 billion exceeded capital expenditures and investments of $4.7 billion, generating free cash flow of $0.5 billion.
ConocoPhillips’ latest results reflect the performance of the company prior to the acquisition of Concho, which closed in January 2021.
To contact the author, email andreas.exarheas@rigzone.com
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