ConocoPhillips' earnings down year-over-year at $2.6 billion

ConocoPhillips, Houston, had first-quarter 2024 earnings of $2.6 billion, down from first-quarter 2023 earnings of $2.9 billion 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, first-quarter 2024 adjusted earnings were $2.4 billion, down from first-quarter 2023 adjusted earnings of $2.9 billion.

For the quarter, cash provided by operating activities was $5 billion. The company funded $2.9 billion of capital expenditures and investments, repurchased $1.3 billion of shares and paid $0.9 billion in ordinary dividends and VROC and retired debt of $0.5 billion at maturity.

In the quarter, the company produced 1.902 MMboe/d, an increase of 110,000 boe/d from the same period a year ago. Of that, 1.046 MMboe/d was produced in the Lower 48, including 736,000 boe/d from the Permian basin, 197,000 boe/d from the Eagle Ford, and 96,000 boe/d from the Bakken.

Second-quarter 2024 production is expected to be 1.91-1.95 MMboe/d.