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ConocoPhillips (NYSE: COP) is a leading global energy company focused on responsible hydrocarbon exploration and production. This news hub provides investors and industry observers with timely updates on corporate developments, operational milestones, and strategic initiatives shaping the company's position in the evolving energy landscape.
Access authoritative coverage of COP's quarterly earnings reports, asset acquisitions, sustainability progress, and operational updates from key regions including Alaska, the Permian Basin, and international markets. Our curated news collection enables stakeholders to track production trends, capital allocation decisions, and responses to energy market dynamics.
Key focus areas include COP's advancements in low-emission technologies, partnerships in major energy projects, and responses to global energy demand shifts. All content is verified through primary sources including SEC filings and official company communications to ensure accuracy.
Bookmark this page for centralized access to material developments affecting ConocoPhillips' market position. Check regularly for updates on operational efficiency improvements, resource base expansions, and environmental stewardship initiatives in the upstream energy sector.
ConocoPhillips (NYSE: COP) announced its acquisition of Marathon Oil (NYSE: MRO) in an all-stock deal valued at $22.5 billion, including $5.4 billion of net debt. Marathon Oil shareholders will receive 0.2550 shares of ConocoPhillips stock per share, representing a 14.7% premium to Marathon Oil's closing price on May 28, 2024. The transaction is expected to close in Q4 2024, delivering $500 million in cost and capital savings within the first year. ConocoPhillips plans a 34% increase in its base dividend to 78 cents per share in Q4 2024. It also projects over $20 billion in share buybacks within three years, with $7 billion in the first year. The acquisition is set to enhance ConocoPhillips' U.S. portfolio by adding over 2 billion barrels with a supply cost of less than $30 per barrel WTI.
ConocoPhillips reported first-quarter 2024 earnings per share of $2.15 and adjusted earnings per share of $2.03. The company generated cash provided by operating activities of $5.0 billion. ConocoPhillips declared an ordinary dividend of $0.58 per share and a variable return of cash (VROC) of $0.20 per share payable in the second quarter. The company distributed $2.2 billion to shareholders and retired debt of $0.5 billion at maturity. ConocoPhillips expects second-quarter 2024 production to be between 1.91 to 1.95 million barrels of oil equivalent per day.
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