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
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