ConocoPhillips Falls Short: Q1 Revenue & Earnings Miss Estimates

ConocoPhillips COP shares are trading lower after it reported first-quarter FY24 results.

Revenue of $14.476 billion missed the consensus of $15.047 billion, while adjusted EPS of $2.03 missed the consensus of $2.04. 

Total production was 1,902 thousand barrels of oil equivalent per day (MBOED), an increase of 110 MBOED from the same period a year ago.

Lower 48 production averaged 1,046 MBOED, which includes 736 MBOED from the Permian, 197 MBOED from the Eagle Ford, and 96 MBOED from the Bakken assets.

Also Read: ConocoPhillips Likely To Report Lower Q1 Earnings; Here Are The Recent Forecast Changes From Wall Street’s Most Accurate Analysts

The average realized price declined 7% Y/Y to $56.60 per barrel of oil equivalent (BOE).

Operating cash flow stood at $5.0 billion. ConocoPhillips funded $2.9 billion of capital expenditures and investments, paid $0.9 billion in ordinary dividends and VROC, and repurchased $1.3 billion of shares.

Read: Oil Giant ConocoPhillips Asks Court To Postpone Awards Overlap Ruling Until Venezuela Asset Auction: Report

Dividend: ConocoPhillips declared a quarterly ordinary dividend of $0.58 per share and a VROC of $0.20 per share, both payable on June 3 to stockholders of record as of May 13.

The company ended the quarter with cash and short-term investments of $6.3 billion and long-term investments of $1.1 billion.

Outlook: ConocoPhillips expects second-quarter production of 1.91 to 1.95 million barrels of oil equivalent per day.

 Ryan Lance, chairman and chief executive officer said, “We remain constructive on the macro environment and are committed to delivering competitive shareholder returns, including at least $9 billion in planned return of capital for 2024.”

Also Read: Crude Oil Climbs To 5-Month High In Q1, Analysts Expect High Prices To Persist In Q2

Investors can gain exposure to the XOM stock via Energy Select Sector SPDR Fund XLE and IShares U.S. Oil & Gas Exploration & Production ETF IEO.

Price Action: COP shares are down 1.92% at $122.95 at the last check Thursday.

Photo via Shutterstock