Summary
ConocoPhillips reported solid financial results for the second quarter of 2024, with revenues increasing to $13.62 billion, up from $12.35 billion in the prior year's quarter, driven by higher volumes and improved realized prices for crude oil and bitumen. Net income also saw a healthy increase, reaching $2.33 billion ($1.98 per diluted share), compared to $2.23 billion ($1.84 per diluted share) in the same period last year. The company generated strong operating cash flow of $4.9 billion during the quarter, underscoring its operational efficiency and ability to convert production into cash. A significant development during the quarter was the announcement of the all-stock acquisition of Marathon Oil Corporation for an enterprise value of approximately $22.5 billion. This strategic move is expected to enhance ConocoPhillips' U.S. onshore portfolio and global LNG capacity. The company is actively managing its capital, with plans to repurchase over $7 billion of shares in the first year post-acquisition and over $20 billion in total over three years, while also targeting approximately $2 billion in asset dispositions. ConocoPhillips reaffirmed its commitment to returning capital to shareholders, with planned returns of at least $9 billion for 2024.
Financial Highlights
46 data points| Revenue | $12.66B |
| Cost of Revenue | $4.86B |
| Gross Profit | $7.80B |
| SG&A Expenses | $164.00M |
| Net Income | $2.33B |
| EPS (Basic) | $1.99 |
| EPS (Diluted) | $1.98 |
| Shares Outstanding (Basic) | 1.17B |
| Shares Outstanding (Diluted) | 1.17B |
Key Highlights
- 1Total Revenues reached $13.62 billion for the three months ended June 30, 2024, an increase from $12.35 billion in the prior year's quarter.
- 2Net Income for the quarter was $2.33 billion, resulting in diluted EPS of $1.98, up from $2.23 billion and $1.84 per share respectively in Q2 2023.
- 3Operating cash flow for the quarter was robust at $4.9 billion.
- 4ConocoPhillips announced a definitive agreement to acquire Marathon Oil Corporation in an all-stock transaction valued at approximately $22.5 billion.
- 5The company plans to repurchase over $7 billion of shares in the first year following the Marathon Oil acquisition closing and over $20 billion in total over three years.
- 6Full-year capital expenditures guidance was updated to approximately $11.5 billion.
- 7Third-quarter ordinary dividend declared at $0.58 per share and a Variable Return of Cash (VROC) payment of $0.20 per share.