ConocoPhillips Earnings Call $COP Q1 2023 10Q

[NYSE: COP]

MAY 4, 2023

Key Takeaway from ConocoPhillips earnings call $COP Q1 2023 10Q:

ConocoPhillips reported a strong performance in Q1 2023, achieving record production levels and demonstrating its returns-focused value proposition. The company remains confident in its outlook, increasing its full-year production guidance and reaffirming its commitment to delivering $11 billion in returns to shareholders. ConocoPhillips continues to pursue strategic opportunities, advance sustainability goals, and leverage its diversified asset base for long-term success.

 

Key points from ConocoPhillips earnings call $COP Q1 2023 10Q

– ConocoPhillips achieved a strong first-quarter result, setting a new production record for the company and the Lower 48 region.
– Underlying production growth was 4% year-on-year, with 8% year-on-year growth in the Lower 48.
– The company increased the midpoint of its full-year production guidance and maintained capital and operating guidance.
– Return on capital employed exceeded the goal of being top-quartile in the S&P 500.
– ConocoPhillips plans to deliver $11 billion in returns to shareholders in 2023, representing over 50% of projected CFO.
– The company made strategic moves, including acquiring a 30% equity interest in Port Arthur LNG and becoming the upstream operator at APLNG.
– ConocoPhillips accelerated its greenhouse gas emissions intensity reduction target to 50%-60% versus a 2016 baseline.
– The company emphasized its deep, durable, and diversified asset base, positioning it to generate solid returns and cash flow for decades.
– In Q1 2023, ConocoPhillips generated $2.38 per share in adjusted earnings and achieved record production of 1,790,000 barrels of oil equivalent per day.
– Lower 48 production also reached a record level, with strong well performance across the asset base.
– First-quarter capital expenditures were $2.9 billion, including investments in Port Arthur Phase I and Lower 48 acquisitions.
– ConocoPhillips returned $3.2 billion to shareholders through share buybacks and dividends.
– Second-quarter production is forecasted to be in the range of 1.77 million to 1.81 million barrels of oil equivalent per day, with an increased midpoint for full-year production guidance.
– The company expects APLNG distributions of $350 million to $400 million in Q2 and $1.8 billion for the full year.
– ConocoPhillips remains confident in its outlook and commitments, driven by a resilient balance sheet and the ability to adapt to market volatility.

 

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