ConocoPhillips reported Q3 2024 earnings of $2.1 billion ($1.76 per share), down from $2.8 billion in Q3 2023. The company generated $5.8 billion in operating cash flow and achieved record Lower 48 production of 1,147 MBOED. Total production reached 1,917 MBOED, up 111 MBOED year-over-year.The company announced a 34% increase in quarterly dividend to $0.78 per share and expanded its share repurchase authorization by $20 billion. During Q3, ConocoPhillips distributed $2.1 billion to shareholders through $1.2 billion in share repurchases and $0.9 billion in dividends. The company maintained strong liquidity with $7.1 billion in cash and short-term investments.Looking ahead, ConocoPhillips raised its full-year 2024 production guidance to 1.94-1.95 MMBOED and expects Q4 production of 1.99-2.03 MMBOED. The company is on track to close the Marathon Oil acquisition this quarter, with synergy expectations significantly exceeding the initial $500 million guidance.

ConocoPhillips reported Q3 2024 earnings of $2.1 billion ($1.76 per share), down from $2.8 billion in Q3 2023. The company generated $5.8 billion in operating cash flow and achieved record Lower 48 production of 1,147 MBOED. Total production reached 1,917 MBOED, up 111 MBOED year-over-year.The company announced a 34% increase in quarterly dividend to $0.78 per share and expanded its share repurchase authorization by $20 billion. During Q3, ConocoPhillips distributed $2.1 billion to shareholders through $1.2 billion in share repurchases and $0.9 billion in dividends. The company maintained strong liquidity with $7.1 billion in cash and short-term investments.Looking ahead, ConocoPhillips raised its full-year 2024 production guidance to 1.94-1.95 MMBOED and expects Q4 production of 1.99-2.03 MMBOED. The company is on track to close the Marathon Oil acquisition this quarter, with synergy expectations significantly exceeding the initial $500 million guidance.