The following is a summary of the ConocoPhillips (COP) Q1 2024 Earnings Call Transcript:

Financial Performance:

• ConocoPhillips reported Q1 2024 earnings of $2.03 per share with total daily production of 1,902,000 barrels of oil equivalent.

• Cash flow from operations ($5.1 billion) exceeded capital expenditures ($2.9 billion) resulting in shareholder returns of $2.2 billion (including $1.3 billion in buybacks and $900 million in regular dividends and variable return on capital payments).

• Guidance for the year remains steady, with production estimated between 1.91 - 1.95 million barrels of oil equivalent per day, signifying 2% to 4% underlying growth.

Business Progress:

• ConocoPhillips continues to see progress across its portfolio, with successful ramp-ups at Surmont Pad 267, Bohai Bay 4B, and three subsea tiebacks in Norway.

• The company is on track to return at least $9 billion to shareholders in 2024 and intends to maintain a variable return on capital of $0.20 per share for Q2.

• Investments are ongoing in the LNG portfolio and other assets to enhance future cash flows and shareholder distributions. Additionally, there are operational efficiency improvements in the Permian range.

• Expansion plans are in place with a new pad for Surmont scheduled every 12-18 months, and they are exploring growth opportunities, particularly in LNG, with an interest in deepening their ties with Qatar.

More details: ConocoPhillips IR

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.