ConocoPhillips reports Q1 EPS $2.03, consensus $2.04

Reports Q1 production 1,902 MBOED, an increase of 110 MBOED from the same period a year ago. After adjusting for closed acquisitions and dispositions, first-quarter 2024 production increased 43 MBOED or 2% from the same period a year ago. Earnings decreased from the first quarter of 2023 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. Excluding special items, adjusted earnings decreased due to the same factors. The company’s total average realized price was $56.60 per BOE, 7% lower than the $60.86 per BOE realized in the first quarter of 2023. “We started the year on a strong note, thanks to another quarter of focused execution on our strategic plan,” said Ryan Lance, chairman and chief executive officer. “We remain constructive on the macro environment and are committed to delivering competitive shareholder returns, including at least $9 billion in planned return of capital for 2024.”