Welcome to our dedicated page for ConocoPhillips news (Ticker: COP), a resource for investors and traders seeking the latest updates and insights on ConocoPhillips stock.
ConocoPhillips reports recurring developments for a global independent exploration and production company focused on oil and natural gas. News commonly covers quarterly operating and financial results, production from the total company and Lower 48 assets, cash from operations, capital guidance, ordinary dividends, and share repurchases.
Company updates also describe portfolio activity across oil, gas, and LNG, including commercial LNG offtake strategy and international operating interests. Earnings-call notices, annual guidance, and return-of-capital plans are recurring themes in COP news.
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.
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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