ConocoPhillips Vows Capital Discipline, Sees Earnings Surge

Opting not to significantly ramp up spending or activity at the moment, ConocoPhillips (NYSE: COP) says it is maintaining focus on discipline despite rising oil prices as it prepares to head into 2019.

No surprises are expected when it comes to the company’s strategy and spending next year as executives told analysts on an earnings conference call Oct. 25 that its capital budget for next year will be roughly in line with this year’s budget, acquisitions excluded.

“Our value proposition is all about returns. We are laser focused on discipline, free cash flow generation and strong execution,” ConocoPhillips CEO Ryan Lance said. “We are not chasing higher prices by ramping up activity. By staying disciplined we generate strong free cash flow, which we then allocate in a shareholder-friendly way.”