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Free cash flow is booming with commodity prices holding firm
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Limited hedging boosts US super-indies

Strong domestic asset bases are helping drive financial performance at Occidental and ConocoPhillips and giving pause for thought on production guidance

US super independents Occidental Petroleum and ConocoPhillips have both enjoyed their best financial quarter since the pandemic devastated energy demand and caused global supply to contract. Occidental posted its first positive net income result in over a year for Q2, while ConocoPhillips more than doubled its income compared with Q1. ConocoPhillips’ unhedged position marks it out among US E&Ps, with most taking a more cautious approach after the volatility of the past year. The company generated c.$2.8bn in free cash flow (FCF) over Q2. Occidental also managed its highest FCF, but revenues could have been even higher if the firm had not collared 630mn ft³/d (17.8mn m³/d) in gas product



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