• Reported first-quarter 2024 earnings per share of $2.15 and adjusted earnings per share of $2.03.
• Generated cash provided by operating activities of $5.0 billion and cash from operations (CFO) of $5.1 billion.
• Declared ordinary dividend of $0.58 per share and variable return of cash (VROC) of $0.20 per share payable in the second quarter.

ConocoPhillips this week reported first-quarter 2024 earnings of $2.6 billion, or $2.15 per share, compared with first-quarter 2023 earnings of $2.9 billion, or $2.38 per share. Excluding special items, first-quarter 2024 adjusted earnings were $2.4 billion, or $2.03 per share, compared with first-quarter 2023 adjusted earnings of $2.9 billion, or $2.38 per share. Special items for the current quarter consisted of a benefit related to an investment tax incentive and a gain on an asset sale.

“We started the year on a strong note, thanks to another quarter of focused execution on our strategic plan,” said Ryan Lance, chairman and chief executive officer. “We remain constructive on the macro environment and are committed to delivering competitive shareholder returns, including at least $9 billion in planned return of capital for 2024.”

First-quarter highlights and recent announcements

• Delivered total company production of 1,902 thousand barrels of oil equivalent per day (MBOED).
• Produced 1,046 MBOED in the Lower 48, including 736 MBOED from the Permian, 197 MBOED from the Eagle Ford and 96 MBOED from the Bakken.
• Executed a successful first major winter construction season at Willow in Alaska and advanced development of LNG projects in the U.S. and Qatar.
• Continued ramp-up from recent international project startups including Surmont Pad 267 in Canada, several sub-sea tiebacks in Norway and Bohai Phase 4B in China.
• Progressed Montney development program following startup of the second phase of the company’s central processing facility in Canada, resulting in record production for the asset.
• Achieved 1,000th LNG cargo export milestone at APLNG in April.
• Distributed $2.2 billion to shareholders through a three-tier framework, including $1.3 billion through share repurchases and $0.9 billion through the ordinary dividend and VROC.
• Retired debt of $0.5 billion at maturity.
• Ended the quarter with cash and short-term investments of $6.3 billion and long-term investments of $1.1 billion.

First-quarter review

Production for the first quarter of 2024 was 1,902 MBOED, an increase of 110 MBOED from the same period a year ago. After adjusting for closed acquisitions and dispositions, first-quarter 2024 production increased 43 MBOED or 2% from the same period a year ago.

Earnings decreased from the first quarter of 2023 primarily due to impacts from lower prices, higher costs, and higher depreciation, depletion and amortization, partially offset by increased volumes and a benefit from the investment tax incentive special item. Excluding special items, adjusted earnings decreased due to the same factors. The company’s total average realized price was $56.60 per BOE, 7% lower than the $60.86 per BOE realized in the first quarter of 2023.

For the quarter, cash provided by operating activities was $5.0 billion. Excluding a $0.1 billion change in working capital, ConocoPhillips generated CFO of $5.1 billion and received disposition proceeds of $0.2 billion. In addition, the company funded $2.9 billion of capital expenditures and investments, repurchased $1.3 billion of shares and paid $0.9 billion in ordinary dividends and VROC and retired debt of $0.5 billion at maturity.

Outlook

Second-quarter 2024 production is expected to be 1.91 to 1.95 million barrels of oil equivalent per day.

Quarterly dividend and variable return of cash

ConocoPhillips declared an ordinary dividend of $0.58 per share and a VROC of $0.20 per share, both payable June 3, 2024, to stockholders of record at the close of business on May 13, 2024.

KeyFacts Energy: ConocoPhillips US country profile