The following is a summary of the ConocoPhillips (COP) Q1 2024 Earnings Call Transcript:

Financial Performance:

• ConocoPhillips reported Q1 2024 earnings of $2.03 per share with total daily production of 1,902,000 barrels of oil equivalent.

• Cash flow from operations ($5.1 billion) exceeded capital expenditures ($2.9 billion) resulting in shareholder returns of $2.2 billion (including $1.3 billion in buybacks and $900 million in regular dividends and variable return on capital payments).

• Guidance for the year remains steady, with production estimated between 1.91 - 1.95 million barrels of oil equivalent per day, signifying 2% to 4% underlying growth.

Business Progress:

• ConocoPhillips continues to see progress across its portfolio, with successful ramp-ups at Surmont Pad 267, Bohai Bay 4B, and three subsea tiebacks in Norway.

• The company is on track to return at least $9 billion to shareholders in 2024 and intends to maintain a variable return on capital of $0.20 per share for Q2.

• Investments are ongoing in the LNG portfolio and other assets to enhance future cash flows and shareholder distributions. Additionally, there are operational efficiency improvements in the Permian range.

• Expansion plans are in place with a new pad for Surmont scheduled every 12-18 months, and they are exploring growth opportunities, particularly in LNG, with an interest in deepening their ties with Qatar.

More details: ConocoPhillips IR

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