ConocoPhillips Q1 2021 Earnings Report
Key Takeaways
ConocoPhillips reported first-quarter 2021 earnings of $1.0 billion, or $0.75 per share, compared with a first-quarter 2020 loss of $1.7 billion, or ($1.60) per share. Excluding special items, first-quarter 2021 adjusted earnings were $0.9 billion, or $0.69 per share, compared with first-quarter 2020 adjusted earnings of $0.5 billion, or $0.45 per share.
Completed the Concho acquisition, enhancing both asset portfolio and financial framework.
Generated free cash flow (FCF) of $0.9 billion.
Produced 1,488 MBOED excluding Libya during the first quarter despite incurring approximately 50 MBOED of unplanned production downtime throughout Lower 48 caused by Winter Storm Uri.
Ended the quarter with cash, cash equivalents and restricted cash totaling $3.2 billion and short-term investments of $4.1 billion, equaling $7.3 billion in ending cash and short-term investments.
ConocoPhillips
ConocoPhillips
Forward Guidance
Second-quarter 2021 production excluding Libya is expected to be 1.50 to 1.54 MMBOED, reflecting the impact of seasonal turnarounds planned in Europe and the Asia Pacific region. All other guidance items are unchanged.