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ConocoPhillips NEWS RELEASE Nov. 2 , 2021 ConocoPhillips Announces Third - Quarter 2021 Financial and Operational Results HOUSTON - ConocoPhillips ( NYSE : COP ) today reported third - quarter 2021 earnings of $ 2.4 billion , or $ 1.78 per share , compared with a third - quarter 2020 loss of $ 0.5 billion , or ( $ 0.42 ) per share . Excluding special items , third - quarter 2021 adjusted earnings were $ 2.4 billion , or $ 1.77 per share , compared with a third - quarter 2020 adjusted loss of $ 0.3 billion , or ( $ 0.31 ) per share . Special items for the current quarter included a contingent payment from Cenovus associated with the 2017 Canadian disposition and a non - cash impairment credit , partially offset by a loss on asset sales and transaction and restructuring expenses . " This third quarter was very significant for ConocoPhillips , " said Ryan Lance , chairman and chief executive officer . " While we benefited from the constructive price environment , the quarter's important feature was that our underlying performance achieved our ' new ' baseline for ConocoPhillips post - Concho . The previously announced operating cost synergies have now been delivered , we continue successfully executing our core programs across every part of the business and our returns on and of capital remain peer - leading . This positive performance momentum established an exceptional platform for the pending acquisition of Shell's Permian properties that we announced in the quarter and expect to close in the fourth quarter . This transaction will spur another phase of positive performance as we head into 2022 and further strengthen our ability to deliver our distinctive triple mandate : meet future energy demand with the lowest cost of supply production through the energy transition , deliver competitive returns and meet our net zero ambition on operational emissions . These objectives , in addition to our well - established capital allocation priorities , ideally position us to remain a sector leader in any environment . " Third - Quarter Highlights & Recent Announcements Delivered strong operational performance across the company's asset base , including successful planned maintenance turnarounds , resulting in third - quarter production of 1,507 MBOED , excluding Libya . Cash provided by operating activities was $ 4.8 billion . Excluding working capital , cash from operations ( CFO ) of $ 4.1 billion exceeded capital expenditures and investments of $ 1.3 billion , generating free cash flow ( FCF ) of $ 2.8 billion . CFO was reduced by approximately $ 0.2 billion due to non - recurring impacts further explained in the Third - Quarter Review section below . ● 925 North Eldridge Parkway Houston , TX 77079-1175 Media Relations : 281-293-1149 www.conocophillips.com/media ● ● Distributed a total of $ 4.0 billion to shareholders year to date , comprised of $ 2.2 billion in share repurchases and $ 1.8 billion in dividends as part of the company's plan to return approximately $ 6 billion to shareholders during 2021 . Increased the quarterly dividend by 7 % to 46 cents per share . Ended the quarter with combined cash , cash equivalents and restricted cash of $ 10.2 billion and short - term investments of $ 0.7 billion , totaling $ 10.9 billion in ending cash and short - term investments . As part of a commitment to ESG excellence , announced an improvement to the company's Scope 1 and 2 greenhouse gas emissions - intensity reduction targets from a 2016 baseline to 40-50 % on a net equity and gross operated basis by 2030 , from the previous target of 35-45 % on only a gross operated basis . Announced highly accretive pending acquisition of Shell Enterprises LLC's ( Shell ) complementary Delaware Basin position in the Permian for $ 9.5 billion in cash , before customary closing adjustments . Generated approximately $ 0.2 billion in disposition proceeds from Lower 48 non - core asset sales as part of the company's targeted dispositions . Production from the disposed assets averaged approximately 15 MBOED in the first nine months of 2021 . Third - Quarter Review