<p><strong>康菲石油</strong>（COP 1.40%）已经是一台现金涌出的机器。这家石油和天然气巨头的低成本运营使其能够产生可观的自由现金流。这使得它能够投资于扩展其业务，通过分红和回购向投资者返还现金，并保持其如堡垒般的财务状况。</p>
<p>该公司的现金流已经相当强劲，未来几年将变得更加庞大。通过增长计划和成本节约的结合，预计到 2029 年将为其年度自由现金流总额增加 70 亿美元。这将使这只石油股票有更多资金回馈给股东。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg2Njcvb2lsLXB1bXBzLWF0LXN1bnJpc2Utd2l0aC1tb25leS1pbi10aGUtYmFja2dyb3VuZC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg2Njcvb2lsLXB1bXBzLWF0LXN1bnJpc2Utd2l0aC1tb25leS1pbi10aGUtYmFja2dyb3VuZC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>深入分析康菲石油的第二季度业绩</h2>
<p>康菲石油在第二季度的现金生成能力得到了充分展示。尽管与去年同期相比，销售的每桶油当量（BOE）平均价格下降了 19%，但公司仍然从运营中产生了 47 亿美元的现金。它通过显著增加产量，部分抵消了商品价格下跌的影响。该季度的产量平均接近 240 万 BOE/天，比去年同期增加了 446,000 BOE/天。康菲石油受益于收购马拉松石油，以及其传统业务产量的 3% 增长。</p>
<p>这家石油巨头利用这些现金资助了 33 亿美元的资本支出和投资，以维持和扩大其产量。它还支付了 10 亿美元的分红，回购了 12 亿美元的股票，并在到期时偿还了 2 亿美元的债务。这使得其年初至今的回购总额达到了 27 亿美元，分红支付达到了 20 亿美元，债务减少达到了 7 亿美元。</p>
<p>公司在季度末拥有 57 亿美元的现金和短期投资，以及 11 亿美元的长期投资，支撑其堡垒般的 A 评级资产负债表。它通过在本季度完成 7 亿美元的非核心资产出售，以及在今年上半年完成 13 亿美元的出售，增强了现金头寸。康菲石油最近同意再出售 13 亿美元的非核心资产，预计将在第四季度初完成。因此，它已经超过了收购马拉松后出售 20 亿美元资产的目标。</p>
<h2>即将到来的自由现金流增长浪潮</h2>
<p>康菲石油预计未来将产生显著更多的自由现金流。在短期内，公司预计其 APLNG 投资的现金分配将增加，&#34;一张大而美丽的账单&#34;带来的税收优惠，以及较低的资本支出将推动其下半年的自由现金流增长。这假设油价保持在每桶 60 到 70 美元的当前水平附近。</p>
<p>公司还继续预计将从收购马拉松石油中获得提振。它正朝着在今年年底前实现 10 亿美元的协同效应成本节约的目标迈进，目标是其最初的 5 亿美元目标的两倍。此外，公司现在预计到明年年底将再实现 10 亿美元的成本和利润提升。</p>
<p>与此同时，康菲石油继续预期其在液化天然气（LNG）和阿拉斯加的长期投资将推动其自由现金流在 2029 年前增加 60 亿美元。公司在三个 LNG 项目（美国的波特阿瑟 LNG 和卡塔尔的北田东和北田南）中有投资，这些项目预计将在未来几年上线。该能源公司继续为这些气体寻找客户。它最近签署了法国邓克尔克终端的再气化协议和亚洲的销售协议，均将于 2028 年开始。此外，其在阿拉斯加的主要威洛项目预计将在 2029 年开始生产。</p>
<p>在此基础上，康菲石油现在计划在明年年底前再出售 25 亿美元的非核心资产。这些销售将为其提供额外现金，以增强其堡垒般的资产负债表或再投资于更高质量的资产。</p>
<p>公司的自由现金流和现金余额的增长将使其能够继续向投资者返还更多资金。康菲石油旨在在未来几年内实现 S&amp;P 500 公司中前 25% 的分红增长。它还计划在完成马拉松交易后的前三年内回购超过 200 亿美元的股票。</p>
<h2>一台现金生产的巨头</h2>
<p>康菲石油现在预计将从其马拉松交易中获得另外 10 亿美元的成本节约。它还计划从其在 LNG 和阿拉斯加的投资中产生 60 亿美元的增量自由现金流。这将使这家石油公司在未来有大量资金回馈给股东。其现金流的增长和现金回报的上升可能为未来几年提供强劲的总回报，使其成为一个值得长期考虑的吸引人的石油股票。</p>

康菲石油

<p>康菲石油 (ConocoPhillips, COP) 预计到 2029 年将额外产生 70 亿美元的自由现金流，这得益于增长计划和成本节约。在第二季度，尽管油价下降了 19%，但由于产量增加，公司报告的运营现金流为 47 亿美元。它计划通过分红和股票回购来增强股东回报，目标是在三年内回购 200 亿美元的股票。公司还预计其液化天然气投资和收购马拉松石油将带来显著的现金流增长，并计划在明年之前出售 25 亿美元的非核心资产</p>

<p><strong>ConocoPhillips</strong>(COP 1.40%) is already a cash-gushing machine. The oil and gas giant's low-cost operations enable it to produce significant free cash flow. This allows it to invest in growing its operations, return cash to investors through dividends and buybacks, and maintain its fortress-like financial profile.</p>
<div class="lb-trans"><p><strong>康菲石油</strong>（COP 1.40%）已经是一台现金涌出的机器。这家石油和天然气巨头的低成本运营使其能够产生可观的自由现金流。这使得它能够投资于扩展其业务，通过分红和回购向投资者返还现金，并保持其如堡垒般的财务状况。</p>
</div><p>The company's already robust cash flow will become even larger in the coming years. A combination of growth initiatives and cost savings is now on track to add $7 billion to its annual free cash flow total by 2029. That will give the oil stock even more money to return to shareholders.</p>
<div class="lb-trans"><p>该公司的现金流已经相当强劲，未来几年将变得更加庞大。通过增长计划和成本节约的结合，预计到 2029 年将为其年度自由现金流总额增加 70 亿美元。这将使这只石油股票有更多资金回馈给股东。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg2Njcvb2lsLXB1bXBzLWF0LXN1bnJpc2Utd2l0aC1tb25leS1pbi10aGUtYmFja2dyb3VuZC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828667%2Foil-pumps-at-sunrise-with-money-in-the-background.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Drilling down into ConocoPhillips' second-quarter results</h2>
<div class="lb-trans"><h2>深入分析康菲石油的第二季度业绩</h2>
</div><p>ConocoPhillips' ability to print cash was on full display during the second quarter. The company generated $4.7 billion in cash from operations, despite a 19% decline in the average price it realized per barrel of oil equivalent (BOE) sold during the period compared to the second quarter of last year. It was able to partially mute the impact of lower commodity prices by significantly increasing its production. Its output averaged nearly 2.4 million BOE per day in the quarter, 446,000 BOE per day higher than the year-ago period. ConocoPhillips benefited from its acquisition of Marathon Oil, as well as a 3% increase in output from its legacy operations.</p>
<div class="lb-trans"><p>康菲石油在第二季度的现金生成能力得到了充分展示。尽管与去年同期相比，销售的每桶油当量（BOE）平均价格下降了 19%，但公司仍然从运营中产生了 47 亿美元的现金。它通过显著增加产量，部分抵消了商品价格下跌的影响。该季度的产量平均接近 240 万 BOE/天，比去年同期增加了 446,000 BOE/天。康菲石油受益于收购马拉松石油，以及其传统业务产量的 3% 增长。</p>
</div><p>The oil giant used that cash to fund $3.3 billion of capital expenditures and investments to maintain and grow its output. It also paid $1 billion in dividends, repurchased $1.2 billion of shares, and retired $200 million of debt at maturity. That brought its year-to-date total to $2.7 billion in share repurchases, $2 billion in dividend payments, and $700 million in debt reduction.</p>
<div class="lb-trans"><p>这家石油巨头利用这些现金资助了 33 亿美元的资本支出和投资，以维持和扩大其产量。它还支付了 10 亿美元的分红，回购了 12 亿美元的股票，并在到期时偿还了 2 亿美元的债务。这使得其年初至今的回购总额达到了 27 亿美元，分红支付达到了 20 亿美元，债务减少达到了 7 亿美元。</p>
</div><p>The company ended the quarter with $5.7 billion in cash and short-term investments, and $1.1 billion in long-term investments, backing its fortress A-rated balance sheet. It padded its cash position by closing the sale of $700 million of non-core assets during the quarter and $1.3 billion through the first half of this year. ConocoPhillips has recently agreed to sell an additional $1.3 billion of non-core assets, which should close early in the fourth quarter. As a result, it has exceeded its target of selling $2 billion of assets following its acquisition of Marathon.</p>
<div class="lb-trans"><p>公司在季度末拥有 57 亿美元的现金和短期投资，以及 11 亿美元的长期投资，支撑其堡垒般的 A 评级资产负债表。它通过在本季度完成 7 亿美元的非核心资产出售，以及在今年上半年完成 13 亿美元的出售，增强了现金头寸。康菲石油最近同意再出售 13 亿美元的非核心资产，预计将在第四季度初完成。因此，它已经超过了收购马拉松后出售 20 亿美元资产的目标。</p>
</div><h2>The upcoming free-cash-flow growth wave</h2>
<div class="lb-trans"><h2>即将到来的自由现金流增长浪潮</h2>
</div><p>ConocoPhillips expects to generate significantly more free cash flow in the future. In the near term, the company expects higher cash distributions from its APLNG investment, tax benefits from the &#34;one big, beautiful bill,&#34; and lower capital spending to boost its free cash flow in the second half of the year. That assumes oil prices remain near their current level in the $60 to $70 a barrel range.</p>
<div class="lb-trans"><p>康菲石油预计未来将产生显著更多的自由现金流。在短期内，公司预计其 APLNG 投资的现金分配将增加，&#34;一张大而美丽的账单&#34;带来的税收优惠，以及较低的资本支出将推动其下半年的自由现金流增长。这假设油价保持在每桶 60 到 70 美元的当前水平附近。</p>
</div><p>The company also continues to expect to get a boost from its acquisition of Marathon Oil. It's on track to achieve its target of hitting $1 billion in cost savings from synergies by the end of this year, double its initial target of $500 million. Additionally, the company now expects to deliver another $1 billion in cost and margin enhancements by the end of next year.</p>
<div class="lb-trans"><p>公司还继续预计将从收购马拉松石油中获得提振。它正朝着在今年年底前实现 10 亿美元的协同效应成本节约的目标迈进，目标是其最初的 5 亿美元目标的两倍。此外，公司现在预计到明年年底将再实现 10 亿美元的成本和利润提升。</p>
</div><p>Meanwhile, ConocoPhillips continues to anticipate its long-cycle investments in liquified natural gas (LNG) and Alaska will fuel a $6 billion uplift in its free cash flow through 2029. The company has investments in three LNG projects (Port Arthur LNG in the U.S. and Qatar's North Field East and North Field South) that should come online over the next few years. The energy company continues to secure customers for this gas. It recently signed a regasification agreement for the Dunkerque terminal in France and a sales agreement in Asia, both of which will begin in 2028. Additionally, its major Willow project in Alaska should start producing by 2029.</p>
<div class="lb-trans"><p>与此同时，康菲石油继续预期其在液化天然气（LNG）和阿拉斯加的长期投资将推动其自由现金流在 2029 年前增加 60 亿美元。公司在三个 LNG 项目（美国的波特阿瑟 LNG 和卡塔尔的北田东和北田南）中有投资，这些项目预计将在未来几年上线。该能源公司继续为这些气体寻找客户。它最近签署了法国邓克尔克终端的再气化协议和亚洲的销售协议，均将于 2028 年开始。此外，其在阿拉斯加的主要威洛项目预计将在 2029 年开始生产。</p>
</div><p>On top of all this, ConocoPhillips now plans to sell another $2.5 billion of non-core assets by the end of next year. These sales will give it additional cash to strengthen its fortress balance sheet or recycle into higher-quality assets.</p>
<div class="lb-trans"><p>在此基础上，康菲石油现在计划在明年年底前再出售 25 亿美元的非核心资产。这些销售将为其提供额外现金，以增强其堡垒般的资产负债表或再投资于更高质量的资产。</p>
</div><p>The company's growing free cash flow and cash balance will enable it to continue returning more money to investors. ConocoPhillips aims to deliver dividend growth within the top 25% of companies in the <strong>S&amp;P 500</strong> in the coming years. It also aims to repurchase over $20 billion of its stock in the first three years of closing the Marathon deal.</p>
<div class="lb-trans"><p>公司的自由现金流和现金余额的增长将使其能够继续向投资者返还更多资金。康菲石油旨在在未来几年内实现 S&amp;P 500 公司中前 25% 的分红增长。它还计划在完成马拉松交易后的前三年内回购超过 200 亿美元的股票。</p>
</div><h2>A cash-producing juggernaut</h2>
<div class="lb-trans"><h2>一台现金生产的巨头</h2>
</div><p>ConocoPhillips now expects to capture another $1 billion in cost savings from its Marathon deal. It's also on track to produce $6 billion in incremental free cash flow from its investments in LNG and Alaska. That will give the oil company a lot of money to return to shareholders in the future. Its combination of growing cash flows and rising cash returns could provide the fuel to produce strong total returns in the coming years, making it an attractive oil stock to consider for the long term.</p>
<div class="lb-trans"><p>康菲石油现在预计将从其马拉松交易中获得另外 10 亿美元的成本节约。它还计划从其在 LNG 和阿拉斯加的投资中产生 60 亿美元的增量自由现金流。这将使这家石油公司在未来有大量资金回馈给股东。其现金流的增长和现金回报的上升可能为未来几年提供强劲的总回报，使其成为一个值得长期考虑的吸引人的石油股票。</p>
</div>

这家石油股票预计到 2029 年将额外产生 70 亿美元的剩余现金