Summary by Futu AI
ConocoPhillips reported Q2 2024 earnings of $2.3 billion ($1.98 per share), up from $2.2 billion in Q2 2023. Total production reached 1,945 MBOED, an 8% increase year-over-year, driven by new wells online across multiple regions and the Surmont acquisition. Cash from operations was $4.9 billion for the quarter.The company returned $1.9 billion to shareholders, including $1.0 billion in share repurchases and $0.9 billion in dividends. ConocoPhillips announced plans to increase its quarterly ordinary dividend by 34% to $0.78 per share starting Q4 2024, incorporating the current variable return of cash of $0.20 per share into the ordinary dividend.In May, ConocoPhillips announced an all-stock acquisition of Marathon Oil valued at approximately $22.5 billion, expected to close in Q4 2024. The company expanded its LNG portfolio through new agreements for regasification capacity in Belgium and sales in Asia. Full-year 2024 production guidance was updated to 1.93-1.94 MMBOED, with capital expenditure guidance raised to $11.5 billion.
