Earnings Summary: A snapshot of ConocoPhillips’ (COP) Q1 2024 results

Energy exploration company ConocoPhillips (NYSE: COP) on Thursday reported a decline in profit and revenues for the first quarter of 2024.

• Total revenues and other income decreased to $14.48 billion in the first quarter from $15.52 billion in the same period last year
• Earnings, on a per-share basis, came in at $2.15 per share in the March quarter, vs. $2.38 per share in the year-ago quarter
• Q1 net income dropped to $2.6 billion from $2.9 billion in the comparable period of fiscal 2023
• Excluding special items, first-quarter adjusted earnings decreased to $2.4 billion or $2.03 per share from $2.9 billion or $2.38 per share last year
• The company delivered a total production of 1,902 thousand barrels of oil equivalent per day (MBOED) in the March quarter
• It ended the quarter with cash and short-term investments of $6.3 billion and long-term investments of $1.1 billion
• ConocoPhillips declared an ordinary dividend of $0.58 per share and a VROC of $0.20 per share, both payable June 3, 2024
• For the second quarter, the company expects production to be between 1.91 to 1.95 million barrels of oil equivalent per day