ConocoPhillips reported second-quarter 2024 earnings of $2.3 billion, surpassing the second-quarter 2023 earnings of $2.2 billion.
The corporate mentioned in a media launch that manufacturing for the second quarter of 2024 was 4 p.c greater than the identical interval a 12 months in the past.
“Within the second quarter, we continued to ship on our returns-focused worth proposition, reaching report manufacturing and advancing our international LNG technique. We introduced a 34 p.c improve in our unusual dividend beginning within the fourth quarter and stay dedicated to returning at the very least $9 billion of capital for 2024”, mentioned Ryan Lance, chairman and chief govt officer. “Our beforehand introduced plan to accumulate Marathon Oil is progressing, and we count on to shut late within the fourth quarter”.
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ConocoPhillips’ six-month 2024 earnings had been $4.9 billion, in contrast with six-month 2023 earnings of $5.2 billion, the corporate mentioned.
Within the second quarter of 2024, manufacturing reached 1.94 million barrels of oil equal per day (MMboed), representing a 140,000 boed improve in comparison with the identical interval within the earlier 12 months. When accounting for closed acquisitions and inclinations, manufacturing for the second quarter of 2024 elevated by 76,000 boed, or 4 p.c, from the identical interval a 12 months in the past.
Through the first six months of 2024, manufacturing was 1.92 MMboed, a rise of 125,000 boed in comparison with the identical interval within the earlier 12 months. After accounting for closed acquisitions and inclinations, manufacturing elevated by 60,000 boed, or three p.c, from the identical interval a 12 months in the past.
ConocoPhillips mentioned it expects third-quarter manufacturing to be between 1.87 MMboed and 1.91 MMboed. This contains roughly 90,000 boed of turnaround impacts in Canada, the U.S. Decrease 48, Alaska, Norway, Malaysia and Qatar.
The corporate has additionally revised its full-year manufacturing steering to 1.93 to 1.94 MMboed from the prior steering of 1.91 to 1.95 MMboed, reflecting sturdy second-quarter outcomes.
Full-year capital expenditures steering is now roughly $11.5 billion, up from the earlier vary of $11.0 to $11.5 billion attributable to sturdy progress on Willow and elevated Decrease 48 partner-operated exercise.
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