ConocoPhillips Q2 Profit Rises, Beats Market

(RTTNews) - ConocoPhillips (COP) reported Thursday its second-quarter earnings of $2.33 billion or $1.98 per share, compared to last year's earnings of $2.23 billion or $1.84 per share.

Total revenues and other income for the quarter grew to $14.14 billion from last year's $12.88 billion.

Analysts on average expected the company to report earnings of $1.81 per share on revenues of $13.79 billion, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Production for the second quarter was 1,945 MBOED, an increase of 140 MBOED from the same period a year ago.

Ryan Lance, chairman and chief executive officer, said, "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% increase in our ordinary dividend starting in the fourth quarter and remain committed to returning at least $9 billion of capital for 2024. Our previously announced plan to acquire Marathon Oil is progressing, and we expect to close late in the fourth quarter."

Further, ConocoPhillips declared a third-quarter ordinary dividend of $0.58 per share and a VROC of $0.20 per share, both payable September 3, to stockholders of record at the close of business on August 12.

Looking ahead, third-quarter 2024 production is expected to be 1.87 to 1.91 million barrels of oil equivalent per day or MMBOED, inclusive of approximately 90 MBOED of turnaround impacts in Canada, Lower 48, Alaska, Norway, Malaysia and Qatar.

Full-year production is expected to be approximately 1.93 to 1.94 MMBOED, as compared to prior guidance of 1.91 to 1.95 MMBOED, reflecting strong second-quarter results.

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