ConocoPhillips Q1 Net Income Declines; Full-year Guidance Remains Unchanged - Update

(RTTNews) - ConocoPhillips (COP) reported first-quarter net income of $2.6 billion, or $2.15 per share, compared with $2.9 billion, or $2.38 per share, last year. Excluding special items, first-quarter adjusted net income were $2.4 billion, or $2.03 per share, compared with $2.9 billion, or $2.38 per share. On average, 22 analysts polled by Thomson Reuters expected the company to report profit per share of $2.04, for the quarter. Analysts' estimates typically exclude special items. The company said its first quarter earnings decreased from last year 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.

First quarter sales and other operating revenues declined to $13.85 billion from $14.81 billion, previous year. Total revenues and other income declined to $14.48 billion from $15.52 billion, prior year. Analysts on average had estimated $15.05 billion in revenue.

Production for the first quarter 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 production increased 43 MBOED or 2% from the same period a year ago.

ConocoPhillips expects second-quarter production to be 1.91 to 1.95 million barrels of oil equivalent per day. The company stated that all full-year guidance items remain unchanged.

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

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.