Summary
ConocoPhillips reported a net income of $2.55 billion for the first quarter of 2024, a decrease from $2.92 billion in the prior year's quarter. This decline was primarily driven by lower realized natural gas and NGL prices, partially offset by higher crude oil and bitumen prices, and increased sales volumes, notably from the Surmont acquisition. The company generated $4.99 billion in cash flow from operations, demonstrating continued operational strength despite a challenging commodity price environment for natural gas. ConocoPhillips also returned significant capital to shareholders, with $1.3 billion in share repurchases and $0.9 billion in dividends and VROC payments. The company maintained a strong balance sheet with $6.3 billion in cash, cash equivalents, and short-term investments, and $1.1 billion in long-term investments in debt securities, providing ample liquidity. Strategic initiatives are progressing, including the Willow project in Alaska and LNG developments, with production reaching 1,902 MBOED. The company reaffirmed its commitment to returning at least $9 billion to shareholders in 2024.
Financial Highlights
45 data points| Revenue | $12.31B |
| Cost of Revenue | $5.33B |
| Gross Profit | $6.97B |
| SG&A Expenses | $178.00M |
| Net Income | $2.55B |
| EPS (Basic) | $2.16 |
| EPS (Diluted) | $2.15 |
| Shares Outstanding (Basic) | 1.18B |
| Shares Outstanding (Diluted) | 1.18B |
Key Highlights
- 1Net income for Q1 2024 was $2.55 billion, down from $2.92 billion in Q1 2023, primarily due to lower natural gas prices.
- 2Cash provided by operating activities was $4.99 billion, a slight decrease from $5.40 billion in the prior year, reflecting strong operational cash generation.
- 3The company returned $2.2 billion to shareholders in Q1 2024 through share repurchases ($1.3 billion) and dividends/VROC ($0.9 billion), signaling a commitment to capital returns.
- 4Total production was 1,902 MBOED, an increase from 1,792 MBOED in Q1 2023, boosted by the Surmont acquisition and new wells coming online.
- 5Liquidity remains strong with $6.3 billion in cash, cash equivalents, and short-term investments, complemented by $5.5 billion in available borrowing capacity under its credit facility.
- 6Capital expenditures and investments totaled $2.9 billion, with over half allocated to short-cycle unconventional plays in the Lower 48 segment.
- 7The company reaffirmed its 2024 planned return of capital to shareholders of at least $9 billion.