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Jun 30, 2023
ConocoPhillips Q2 2023 Earnings Report
ConocoPhillips reported earnings decrease due to lower prices, offset by increased volumes, and record production was achieved.
Key Takeaways
ConocoPhillips reported second-quarter 2023 earnings of $2.2 billion, or $1.84 per share. The company achieved record production and increased its full-year production guidance. A deal to purchase the remaining 50% interest in Surmont was executed and progress was made on the global LNG strategy. The full-year distribution target of $11 billion remains unchanged.
Delivered record company and Lower 48 production of 1,805 MBOED and 1,063 MBOED, respectively.
Executed agreement to purchase the remaining 50% interest in Surmont, subject to regulatory approvals and other closing conditions.
Completed acquisition of an equity interest in Qatar’s North Field South project.
Generated cash provided by operating activities of $3.9 billion and cash from operations (CFO) of $4.7 billion.
Forward Guidance
Third-quarter 2023 production is expected to be 1.78 to 1.82 million barrels of oil equivalent per day (MMBOED). Full-year production is now expected to be 1.80 to 1.81 MMBOED.
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Avg. Return Before/After Earnings
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