ConocoPhillips to sell Anadarko assets for $1.3 billion; profit beats estimates
The asset sale, expected to close at the beginning of the fourth quarter, pushes ConocoPhillips past its $2 billion non-core asset disposition target ahead of schedule.
The company raised its asset-sale goal to $5 billion by 2026, with an aim to unlock $1 billion in cost and margin gains.
In April, Reuters reported ConocoPhillips was exploring the sale of Oklahoma assets gained through its $22.5 billion takeover of Marathon Oil, which expanded its presence in key U.S. basins and added operations in Equatorial Guinea.
The Marathon deal helped lift the company's second-quarter production to 2.39 million barrels of oil equivalent per day (boepd), up 446,000 boepd from a year earlier.
Shares of the company rose 2% in premarket trading.
Third-quarter production is expected to be 2.33 million to 2.37 million boepd, the company said in a statement.
RBC Capital Markets analyst Scott Hanold called ConocoPhillips' results "strong," citing higher output, lower costs and a more than $1 billion cost-cutting plan.
He expects the stock to outperform as the update eases cash flow concerns.
The production growth helped ConocoPhillips cushion the impact of lower crude prices.
Brent crude averaged nearly 20% lower in the second quarter from a year earlier, as U.S. import tariffs, weak global economic signals and higher output from OPEC+ weighed on prices.
Geopolitical tensions also pressured sentiment. Prices briefly rose above $80 per barrel in June after Israel struck Iranian nuclear sites, but eased to around $67 by the end of the quarter amid demand concerns and fading risk premiums.
The company's total average realized prices stood at $45.77 per barrel oil equivalent, 19% lower than a year earlier.
On an adjusted basis, ConocoPhillips reported a profit of $1.42 per share for the April-June quarter, beating analysts' average estimate of $1.38, according to data compiled by LSEG.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Telegraph
28 minutes ago
- Telegraph
How Trump killed off woke ads
When Nike picked Colin Kaepernick to front its new campaign in 2018, it marked the high water mark for social justice advertising. Kaepernick, the former NFL star who began taking the knee in protest against racial injustice, was out of work and had accused the NFL of blacklisting him for his political protests on the field. Nike ran posters saying: 'Believe in something, even if it means sacrificing everything.' At the time, brands were racing to hitch their wagons to causes and crusades as 'purpose-driven' marketing took over adland. Seven years on, the backdrop could hardly be more different. 'Woke' adverts are fading from relevance in the US. Instead, an all-American, red-blooded spirit has taken hold – aimed squarely at the tastes of one Republican man. Donald Trump this week proclaimed that actor Sydney Sweeney had the ' hottest' advert in the world as he waded into a row over The White Lotus actor's new campaign for fashion brand American Eagle. Sweeney's statement that she had 'good jeans' has become a culture war flashpoint. It hasn't mattered – Sweeney's endorsement has helped American Eagle's stock soar, with Trump's comments only fuelling the rally. Nike, meanwhile, appears to have swapped advocating for the Black Lives Matter movement for a more conservative campaign promoting family values with golfer Scottie Scheffler. The growing reluctance of brands to take a campaigning stance on social justice issues comes as consumers tire of virtue-signalling and empty slogans. 'Advertising's role is not really to lead culture, but to reflect it,' says Richard Pinder, chief executive of creative agency The Hunger. 'And so as culture moves, it's kind of weird if advertising doesn't.' The most obvious signs of this culture shift has been the swing to the Right in the US that powered Trump to the White House. Yet the president is not just a reflection of culture, but a shaper of it too. Earlier this year, the president signed a string of executive orders clamping down on 'radical and wasteful' diversity, equity and inclusion (DEI) policies. A number of major US companies – including Google, Amazon, Walmart and McDonald's – have rolled back their initiatives as a result. Trump has also taken aim at Jaguar following what he called a 'woke' marketing campaign that featured an eclectic cast of diverse models and a Barbie-pink aesthetic. 'Who wants to buy a Jaguar after looking at that disgraceful ad,' he fumed on Truth Social. The Sydney Sweeney controversy began after American Eagle released a new campaign that featured an image of the blonde-haired, blue-eyed actor dressed all in denim, accompanied by the slogan: 'Sydney Sweeney has great jeans.' The advert triggered discussions about beauty standards and even accusations that the company was promoting eugenics. American Eagle has insisted the ad 'is and always was about the jeans', adding: 'Great jeans look good on everyone.' The controversy appears to have done little to perturb Americans, suggesting the ad did not run counter to wider public opinion. Research by Kantar and industry magazine The Drum showed the majority of US consumers would still buy from American Eagle after the saga. Meanwhile, shares in the retailer surged 24pc following Trump's intervention – their biggest daily gain in 25 years. Whilst the US is leading the backlash against woke ads, there are signs that Britain is starting to follow suit. Many in London's adland acknowledge that Britons are growing tired of advertising campaigns that put virtue-signalling do-goodery and tokenism ahead of authentic messages. 'Audiences don't respect the companies that are jumping on a 'brand-wagon' and are fatigued by superficial virtue-signalling and generic manifestos,' says Ajaz Ahmed, founder of ad agency AKQA. 'Consumers want less preaching and a move towards more jokes and less woke, a more original point of view.' When soap brand Dove released a range of body-shaped bottles to reflect the 'one of a kind' body shapes of its customers, the company was mocked online. 'There's less room for ads that just associate themselves with a cause,' says one industry source. The most notorious recent example of public backlash was Jaguar's highly contentious rebrand, which many in the industry felt was cack-handed. 'Tonally, they seem to have missed the boat,' says Pinder. 'That was an idea that would have looked good three, four years earlier, but suddenly looked very, very much an outlier.' Value-led advertising can take on a more sinister bent, too. In 2022, an advert for Persil was banned for making unsubstantiated claims about the detergent's environmental benefits as part of a wider crackdown on greenwashing. 'Woke' advertising in Britain has at least in part been killed off by the cost of living crisis. A recent YouGov survey found that cost and quality were the most important factors for the vast majority of Britons when choosing what to buy. By contrast, just 5pc said social or ethical considerations were most important. Campaigning advertising is not entirely dead. The winner of the prestigious Grand Prix award at the Cannes Lions festival was French insurer AXA for a campaign highlighting how it had updated its home insurance policies to help women escape domestic violence. However, Mark Read, the outgoing chief executive of WPP, acknowledges that the amount of 'purpose-driven' advertising has declined over the last few years, with brands increasingly turning to humour instead. Regardless of what approach they take, it is clear that advertisers have to be more alert to potential backlashes in the age of social media pile-ons, boycotts and cancellations. 'With advertising, you used to be able to control your messaging,' says one industry source. 'Now you're almost like a conductor of trust in your brand as part of a bigger social conversation. As a brand, you're no longer in complete control.' Jaguar is a clear example of this phenomenon: public outcry was so great in large part because people had a clear idea of what the car company's brand should be about. The maxim that all publicity is good publicity, it seems, is a thing of the past. 'I think there is a general view across business leaders that they would like to stay more out of politics today than perhaps three or four years ago, and that's probably sensible,' says Read. Many advertisers are looking to take a more risk-averse approach. Brands are also increasingly turning to non-paid-for marketing – known as earned media – in a bid to sidestep controversy. The ultimate example of earned media? An endorsement from the Donald. 'Go get 'em Sydney!,' Trump wrote as American Eagle's stock soared.
Geeky Gadgets
an hour ago
- Geeky Gadgets
Sam Altman's Prediction : ChatGPT 5 Will Create First $1 Billion One-Person Company
What if the next billion-dollar company didn't need a sprawling office, a massive team, or even a traditional CEO? Imagine a single entrepreneur, armed with nothing but a laptop and innovative AI tools, building an empire that rivals the giants of Silicon Valley. This is the bold future Sam Altman, CEO of OpenAI, envisions—a world where artificial intelligence enables individuals to achieve what once seemed impossible. His prediction? By 2026-2028, the first one-person billion-dollar company could emerge, driven by the fantastic capabilities of AI systems like GPT-5. It's a claim that challenges everything we know about business, innovation, and scale. In this piece, Greg Isenberg explores how advancements in AI are reshaping the entrepreneurial landscape, making Altman's vision not just plausible but increasingly likely. From automating entire workflows to leveling the playing field for solo creators, AI is redefining what it means to build and scale a business. You'll discover the key trends fueling this revolution, the industries most ripe for disruption, and the skills needed to thrive in this new era of solopreneurship. Could this be the dawn of a world where individuals rival corporations in power and influence? Let's unpack the possibilities. How AI is Redefining Solopreneurship AI is transforming the concept of solopreneurship, empowering individuals to accomplish what once required entire teams. By integrating AI agents into your business, you can automate essential tasks such as marketing, sales, design, and customer support. Instead of managing employees, your role evolves into overseeing and optimizing these AI systems. This shift allows you to focus on strategy, innovation, and growth while significantly reducing operational costs. The result is a streamlined, high-performing business that you can manage independently, offering unparalleled scalability and efficiency. AI tools also enable solopreneurs to compete with larger organizations by leveling the playing field. With access to advanced technologies, you can deliver high-quality products and services, maintain agility, and respond quickly to market demands. This redefinition of solopreneurship is not just about efficiency—it's about unlocking new opportunities for innovation and growth. Steps to Building an AI-Driven Business To thrive in this AI-driven entrepreneurial model, you need a clear and strategic approach. Here are the key steps to get started: Build an Audience: Use social media platforms to connect with potential customers, understand their needs, and establish your brand presence. Use social media platforms to connect with potential customers, understand their needs, and establish your brand presence. Develop a Tailored Product: Use customer insights to create a product that aligns with their preferences, a process often referred to as 'vibe coding.' Use customer insights to create a product that aligns with their preferences, a process often referred to as 'vibe coding.' Foster a Community: Cultivate a loyal following around your brand to drive organic growth and enhance customer retention. Cultivate a loyal following around your brand to drive organic growth and enhance customer retention. Automate Processes: Implement AI tools to handle repetitive tasks such as data analysis, customer inquiries, and content generation, freeing up your time for strategic decision-making. By combining these steps, you can create a scalable business model that maximizes efficiency, minimizes costs, and delivers value to your audience. Sam Altman's ChatGPT 5 Prediction : One-Person Billion-Dollar Company Watch this video on YouTube. Here are additional guides from our expansive article library that you may find useful on AI business. Key Trends Driving AI-Driven Solopreneurship Several technological and societal trends are converging to make AI-powered solopreneurship not only possible but increasingly viable. These trends are reshaping the way businesses are built and operated: Services Becoming Software: AI is transforming traditional services—such as copywriting, graphic design, and customer support—into scalable software solutions. AI is transforming traditional services—such as copywriting, graphic design, and customer support—into scalable software solutions. Instant Distribution: Social media platforms and creator partnerships provide immediate access to global audiences, reducing marketing costs and timelines. Social media platforms and creator partnerships provide immediate access to global audiences, reducing marketing costs and timelines. Platform Ecosystems: Tools like OpenAI, Shopify, and Supabase simplify infrastructure, allowing you to focus on innovation and customer experience. Tools like OpenAI, Shopify, and Supabase simplify infrastructure, allowing you to focus on innovation and customer experience. Consumer Trust in Small Brands: Customers increasingly value authenticity and personal connection, favoring independent creators over large corporations. Customers increasingly value authenticity and personal connection, favoring independent creators over large corporations. Precision Marketing: Platforms like Meta, Google, and TikTok offer advanced targeting capabilities, making sure your message reaches the right audience efficiently. These trends collectively lower barriers to entry, making it easier for individuals to launch and scale businesses while maintaining a competitive edge. Challenges and Risks to Consider While the potential for AI-driven solopreneurship is immense, it is not without challenges. Over-automation can lead to a loss of the human touch, which may alienate customers. Key risks include: Quality Control: Making sure consistent product or service quality can be challenging without human oversight. Making sure consistent product or service quality can be challenging without human oversight. Customer Connection: Over-reliance on automation may weaken relationships with your audience, reducing loyalty and trust. Over-reliance on automation may weaken relationships with your audience, reducing loyalty and trust. Regulatory Hurdles: Certain industries with strict compliance requirements may limit the feasibility of one-person businesses. To mitigate these risks, you must strike a balance between automation and personal engagement. Maintaining high operational standards and prioritizing customer satisfaction will be critical to long-term success. Essential Skills for AI-Driven Entrepreneurs To excel in this new era of solopreneurship, you'll need to develop and refine specific skills. These include: Code Use: Learn to use AI tools effectively to optimize workflows, enhance productivity, and automate complex tasks. Learn to use AI tools effectively to optimize workflows, enhance productivity, and automate complex tasks. Audience Use: Build and sustain a loyal following through authentic engagement, value-driven content, and consistent communication. Build and sustain a loyal following through authentic engagement, value-driven content, and consistent communication. Capital Use: Manage financial resources strategically to support growth, invest in technology, and ensure long-term sustainability. Mastering these skills will enable you to navigate the complexities of running a one-person AI-driven business while maximizing your potential for success. Industries Ready for AI-Driven Transformation Certain industries are particularly well-suited for one-person AI-driven businesses, offering high scalability and minimal barriers to entry. These include: Digital Products: Software-as-a-service (SaaS), consumer apps, and digital content platforms provide opportunities for rapid growth and innovation. Software-as-a-service (SaaS), consumer apps, and digital content platforms provide opportunities for rapid growth and innovation. Repetitive, High-Value Tasks: Fields like social media management, content creation, and data analysis are ideal for automation and efficiency. Fields like social media management, content creation, and data analysis are ideal for automation and efficiency. Low-Regulation Sectors: Industries with fewer compliance requirements, such as e-commerce and online education, offer smoother paths to success. Focusing on these areas can help you maximize your chances of building a successful AI-driven business while minimizing operational complexities. Is the One-Person Billion-Dollar Company Feasible? Sam Altman's prediction of a one-person billion-dollar company by 2026-2028 is ambitious but increasingly plausible. Advancements in AI are rapidly lowering the barriers to entry, allowing individuals to achieve unprecedented levels of efficiency and scalability. Success will depend on a combination of product innovation, strategic marketing, and precise execution. As AI technology continues to evolve, the concept of a one-person billion-dollar company is no longer a distant dream but an attainable reality for those who embrace its potential. Media Credit: Greg Isenberg Filed Under: AI, Technology News, Top News Latest Geeky Gadgets Deals Disclosure: Some of our articles include affiliate links. If you buy something through one of these links, Geeky Gadgets may earn an affiliate commission. Learn about our Disclosure Policy.
Telegraph
an hour ago
- Telegraph
Our pharma industry powerhouses need emergency treatment
Most of Donald Trump's tariffs look likely to settle around the 15pc mark, a level that can be absorbed into the global trading system without too much disruption. But the President appears determined to bring pharmaceutical manufacturing back on shore, using punitive tariffs where necessary. It might start with a few percentage points. But very quickly it will ramp up. The UK needs to find a way of making sure we are exempt from that – otherwise one of our most valuable industries may very soon be lost completely. Amid all the noise over his range of import levies, the constant changes of plan, and the boasting about 'great deals', President Trump has at least been consistent on one point. He thinks medicines should be manufactured within the United States. 'In one year, one and a half years maximum, it's going to go to 150pc and then it's going to go to 250pc because we want pharmaceuticals made in our country,' Trump announced last week. With levies on that scale, in effect the major drug companies won't have any choice. They will have to manufacture within the United States, or else their profits in the world's largest market for medicines will be completely wiped out. There are a handful of countries that will be hit, and arguably more so than the UK. Switzerland is already reeling from the 39pc tariffs that Trump has imposed on the country, a move that may well plunge its fabulously wealthy economy into a rare recession, and drugs are one of its major exports.
