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 (NYSE: COP) is a global exploration and production company that reports on its oil, gas and LNG activities through regular news releases and investor communications. The company describes its portfolio as deep, durable and diverse, and it uses its news flow to provide updates on financial and operating results, capital allocation decisions and developments across its global asset base.
On this news page, readers can follow ConocoPhillips announcements about quarterly earnings and operating results, often accompanied by details on production levels, capital expenditures, dividends and share repurchases. The company issues press releases in connection with its Form 8-K filings to summarize results for specific quarters and to outline guidance items and outlook information.
ConocoPhillips also uses news releases to highlight its LNG portfolio strategy and long-term sales and purchase agreements. Recent announcements include long-term LNG offtake arrangements from U.S. Gulf Coast projects such as Port Arthur LNG and Rio Grande LNG, as well as references to the use of its OCP CryoSep ae technology in LNG facilities. These items illustrate how the company is building a flexible LNG supply network to serve global markets.
Additional news topics include board and governance updates, such as the election of new directors and committee assignments, and regulatory matters like the companys application to cease to be a reporting issuer in Canada while continuing U.S. disclosure. Investors, analysts and other stakeholders can use this page to monitor ConocoPhillips communications about its operations, portfolio developments and strategic priorities over time.
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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