ConocoPhillips's production narrowly beats analyst estimate, but profit falls slightly short
By Steve Gelsi
Oil major plans to return $9 billion to shareholders through dividends and stock buybacks in 2024
ConocoPhillips's stock fell 0.6% on Thursday after its adjusted first-quarter profit slightly missed analyst estimates, while its production came in slightly ahead of Wall Street's forecast.
ConocoPhillips (COP) said its first-quarter profit fell to $2.6 billion, or $2.15 per share, from $2.9 billion, or $2.38 per share, in the year-ago quarter.
Adjusted profit excluding one-time items fell to $2.03 per share from $2.38 per share, missing the FactSet consensus estimate of $2.04 a share.
Total company production of 1,902 thousand barrels of oil equivalent per day (MBOED) slightly beat the analyst estimate of 1,901.1 MBOED.
Chief Executive Ryan Lance said the oil and gas producer "started the year on a strong note."
Looking ahead, ConocoPhillips predicts second-quarter production of 1,910 to 1,950 MBOED, while analysts currently estimate production of 1,937.3 MBOED.
ConocoPhillips said it plans to return $9 billion in capital to shareholders in 2024 through dividends and stock buybacks.
In the first quarter, ConocoPhillips distributed $2.2 billion to shareholders, including $1.3 billion in stock buybacks and $900 million in ordinary dividends and variable return of cash (VROC).
The oil company also said its first major winter construction season at Willow in Alaska was successful. It also worked on developing liquid natural gas projects in the U.S. and Qatar.
Prior to Thursday's trades, ConocoPhillips's stock was up 7.1% in 2024, compared to a 5.2% rise by the S&P 500 SPX.
-Steve Gelsi
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
05-02-24 1041ET
Copyright (c) 2024 Dow Jones & Company, Inc.-
Six Sports Betting and iGaming Stocks Trading at a Discount
-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations