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) 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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