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Mar 31, 2023
ConocoPhillips Q1 2023 Earnings Report
ConocoPhillips reported first-quarter earnings and adjusted earnings.
Key Takeaways
ConocoPhillips reported first-quarter earnings of $2.9 billion, or $2.38 per share. The company achieved record production and advanced its joint venture at Port Arthur LNG.
Delivered record company and Lower 48 production of 1,792 MBOED and 1,036 MBOED, respectively.
Distributed $3.2 billion to shareholders through a three-tier return of capital framework.
Generated cash provided by operating activities of $5.4 billion and cash from operations (CFO) of $5.7 billion.
Ended the quarter with cash and short-term investments of $8.9 billion.
Forward Guidance
Second-quarter 2023 production is expected to be 1.77 to 1.81 million barrels of oil equivalent per day (MMBOED). Full-year production is now expected to be 1.78 to 1.80 MMBOED.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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