ConocoPhillips had third-quarter 2024 earnings of $2.1 billion, compared with third-quarter 2023 earnings of $2.8 billion. Excluding special items, third-quarter 2024 adjusted earnings were $2.1 billion, compared with third-quarter 2023 adjusted earnings of $2.6 billion.
The decrease in earnings and adjusted earnings from third-quarter 2023 was primarily due to the impact from lower prices. The company’s total average realized price was $54.18/boe, 10% lower than the $60.05/boe realized in third-quarter 2023.
For the quarter, cash provided by operating activities was $5.8 billion. Excluding a $1.0 billion change in working capital, ConocoPhillips generated CFO (cash flow from operating activities) of over $4.7 billion. The company funded $2.9 billion of capital expenditures and investments.
For the quarter, ConocoPhillips delivered total production of 1.92 MMboe/d, an increase of 111,000 boe/d from the same quarter a year ago. After adjusting for closed acquisitions and dispositions, third-quarter 2024 production increased 47,000 boe/d, or 3%, from the same period a year ago.
The company also achieved record Lower 48 productions of 1.15 MMboe/d for the third quarter, including 781,000 boe/d from the Permian basin, 246,000 boe/d from the Eagle Ford, and 107,000 boe/d from the Bakken.
During the quarter, ConocoPhillips also exercised preferential rights and signed an agreement to acquire additional working interests in the Kuparuk River and Prudhoe Bay units in Alaska for about $300 million, with expected close by yearend, subject to customary closing conditions.
Quarterly dividend, share repurchase
ConocoPhillips distributed $2.1 billion to shareholders during third-quarter 2024, including $1.2 billion through share repurchases and $0.9 billion through the ordinary dividend and variable return of cash (VROC). The company ended the quarter with cash and short-term investments of $7.1 billion and long-term investments of $1.0 billion.
The company also declared a fourth-quarter ordinary dividend of $0.78 per share payable Dec. 2, 2024, to stockholders of record at the close of business on Nov. 11, 2024.
The Board of Directors approved an increase to the company’s existing share repurchase authorization by up to $20 billion.
Nine-month review
ConocoPhillips’ 9-month 2024 earnings were $6.9 billion, compared with 9-month 2023 earnings of $8.0 billion. Nine-month 2024 adjusted earnings were $6.8 billion, compared with 9-month 2023 adjusted earnings of $7.8 billion.
Production for the first 9 months of 2024 was 1.92 MMboe/d, an increase of 120,000 boe/d from the same period a year ago. After adjusting for closed acquisitions and dispositions, production increased 55,000 boe/d, or 3%, from the same period a year ago.
The company’s total realized price during this period was $55.77/boe, 5% lower than the $58.45/boe realized in the first 9 months of 2023.
Outlook
Fourth-quarter 2024 production is expected to be 1.99-2.03 MMboe/d. Full-year production is expected to be about 1.94-1.95 MMboe/d, as compared to prior guidance of 1.93-1.94 MMboe/d.
