ConocoPhillips Stock Price, News & Analysis

ConocoPhillips Company (COP) has launched cash tender offers to purchase Marathon Oil 's debt securities and certain ConocoPhillips debt securities. The offers include: (1) any and all of Marathon's listed debt securities, and (2) up to $4 billion combined aggregate purchase price of specified ConocoPhillips debt securities, subject to priority levels and proration. The tender offers follow COP's completion of Marathon acquisition on Nov. 22, 2024. The offers expire on Dec. 24, 2024, with an early tender deadline of Dec. 9, 2024. Holders who tender by the early deadline will receive an additional premium of $50 per $1,000 principal amount.

ConocoPhillips (NYSE: COP) has completed its acquisition of Marathon Oil . The transaction converts each Marathon Oil share into 0.255 shares of ConocoPhillips common stock. The acquisition enhances ConocoPhillips' U.S. unconventional portfolio with high-quality, low-cost inventory. The company expects to achieve synergies exceeding $1 billion on a run rate basis within 12 months. ConocoPhillips currently operates in 13 countries with $97 billion in total assets and approximately 10,300 employees, producing an average of 1,921 MBOED for the nine months ended Sept. 30, 2024.

ConocoPhillips (NYSE: COP) reported third-quarter 2024 earnings of $2.1 billion, or $1.76 per share, down from $2.8 billion in Q3 2023. The company achieved total production of 1,917 MBOED, including record Lower 48 production of 1,147 MBOED. The board increased the quarterly dividend by 34% to $0.78 per share and expanded share repurchase authorization by up to $20 billion. Despite lower realized prices affecting earnings, the company generated $5.8 billion in operating cash flow and distributed $2.1 billion to shareholders through dividends and share repurchases. Full-year production guidance was raised to 1.94-1.95 MMBOED.

ConocoPhillips (NYSE: COP) has announced its upcoming third-quarter 2024 earnings conference call, scheduled for Thursday, Oct. 31, 2024, at 12:00 p.m. Eastern time. The company will release its financial and operating results before the market opens on the same day. Investors can access the webcast through ConocoPhillips' Investor Relations site, with registration opening 15 minutes prior to the start.

The event will be archived for later replay, and a transcript will be available the following day. As of June 30, 2024, ConocoPhillips, headquartered in Houston, Texas, had operations in 13 countries, $96 billion in total assets, and approximately 10,200 employees. The company's production averaged 1,923 MBOED for the first half of 2024, with proved reserves of 6.8 BBOE as of Dec. 31, 2023.

ConocoPhillips (NYSE: COP) has appointed Nelda J. Connors to its board of directors. Connors brings over 25 years of experience in industrial and manufacturing sectors. She is the founder, chair, and CEO of Pine Grove Holdings, , which invests in small- and mid-sized engineering-focused businesses. Previously, she served as president and CEO of Atkore International Group, Inc. and held various executive roles in the automotive industry.

Connors will serve on the Audit and Finance Committee and Public Policy and Sustainability Committee of ConocoPhillips' board. She currently sits on the boards of Carnival , Otis Worldwide , and Zebra Technologies ConocoPhillips' CEO, Ryan Lance, highlighted Connors' expertise in operational excellence and corporate finance as valuable assets in advancing the company's Triple Mandate.

Marathon Oil (NYSE: MRO) has received stockholder approval for its proposed merger with ConocoPhillips (NYSE: COP). The company will file the vote results from the special stockholder meeting in a Form 8-K with the SEC. Both companies anticipate the transaction to close in late Q4 2024, pending regulatory clearance and other customary closing conditions. This merger marks a significant development in the oil and gas industry, potentially creating a more robust entity with enhanced market presence and operational capabilities.

Trace Midstream Partners II, , backed by Quantum Capital Group, has acquired LM Energy Delaware's natural gas gathering and transportation assets in the Northern Delaware Basin. The system, located in Eddy and Lea counties, New Mexico, includes high- and low-pressure gas pipelines with associated infrastructure. Upon completion of ongoing projects, the system will comprise 170 miles of pipeline and 12 compressor stations, with a total design capacity of 650 million cubic feet per day. The acquisition marks Trace's entry into the Northern Delaware Basin, addressing substantial natural gas midstream constraints in the region. The system has over 80,000 dedicated acres and is supported by long-term, fixed-fee contracts from multiple producers.

ConocoPhillips (NYSE: COP) reported second-quarter 2024 earnings and adjusted earnings of $2.3 billion, or $1.98 per share, compared to $2.2 billion, or $1.84 per share, in Q2 2023. The company achieved record production of 1,945 MBOED and generated cash from operations of $5.1 billion. ConocoPhillips declared a quarterly dividend of $0.58 per share and a variable return of cash (VROC) of $0.20 per share. The company plans to increase the ordinary dividend by 34% to $0.78 per share starting in Q4 2024, incorporating the current VROC. ConocoPhillips distributed $1.9 billion to shareholders in Q2, including $1.0 billion through share repurchases. The company's full-year production guidance was updated to 1.93 to 1.94 MMBOED.

ConocoPhillips (NYSE: COP) will host a webcast to discuss its second-quarter 2024 financial and operating results on Thursday, August 1, 2024, at 12:00 p.m. Eastern time. The results will be released ahead of the market opening on the same day. Interested parties can join the webcast through ConocoPhillips' Investor Relations website. The event will be archived and available for replay, with an accompanying transcript accessible the following day. As of March 31, 2024, ConocoPhillips operates in 13 countries, has $95 billion in total assets, 10,000 employees, and an average production of 1,902 MBOED. The company reported proven reserves of 6.8 BBOE as of December 31, 2023.