ConocoPhillips Earnings Inch Up as Production Rises

ConocoPhillips reported second-quarter 2024 earnings of $2.3 billion, surpassing the second-quarter 2023 earnings of $2.2 billion.

The company said in a media release that production for the second quarter of 2024 was four percent higher than the same period a year ago.

“In the second quarter, we continued to deliver on our returns-focused value proposition, achieving record production and advancing our global LNG strategy. We announced a 34 percent increase in our ordinary dividend starting in the fourth quarter and remain committed to returning at least $9 billion of capital for 2024”, said Ryan Lance, chairman and chief executive officer. “Our previously announced plan to acquire Marathon Oil is progressing, and we expect to close late in the fourth quarter”.

ConocoPhillips’ six-month 2024 earnings were $4.9 billion, compared with six-month 2023 earnings of $5.2 billion, the company said.

In the second quarter of 2024, production reached 1.94 million barrels of oil equivalent per day (MMboed), representing a 140,000 boed increase compared to the same period in the previous year. When accounting for closed acquisitions and dispositions, production for the second quarter of 2024 increased by 76,000 boed, or four percent, from the same period a year ago.

During the first six months of 2024, production was 1.92 MMboed, an increase of 125,000 boed compared to the same period in the previous year. After accounting for closed acquisitions and dispositions, production increased by 60,000 boed, or three percent, from the same period a year ago.

ConocoPhillips said it expects third-quarter production to be between 1.87 MMboed and 1.91 MMboed. This includes approximately 90,000 boed of turnaround impacts in Canada, the U.S. Lower 48, Alaska, Norway, Malaysia and Qatar.

The company has also revised its full-year production guidance to 1.93 to 1.94 MMboed from the prior guidance of 1.91 to 1.95 MMboed, reflecting strong second-quarter results.

Full-year capital expenditures guidance is now approximately $11.5 billion, up from the previous range of $11.0 to $11.5 billion due to strong progress on Willow and increased Lower 48 partner-operated activity.

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