ConocoPhillips (COP) misses Q1 estimates for adjusted earnings, declares dividend

On Thursday, ConocoPhillips (NYSE: COP) reported Q1 earnings that missed analyst predictions.

Specifically, the oil and gas company posted fiscal Q1 earnings per share (EPS) of $2.03, slightly below the consensus estimate of $2.08.

COP stock remained almost unchanged in Thursday’s premarket.

The company recorded an adjusted net income of $2.41 billion for the quarter, slightly above the expected $2.39 billion.

However, cash flow from operations came in at $4.99 billion, just below the forecast of $5.05 billion.

Production for the quarter was 1.902 million barrels of oil equivalent per day (mboed).

For the second quarter of 2024, ConocoPhillips anticipates production levels to be between 1.91 and 1.95 million barrels of oil equivalent per day.

Further, ConocoPhillips also announced an ordinary dividend of $0.58 per share and a variable return of capital (VROC) dividend of $0.20 per share, both payable on June 3, 2024, to shareholders of record as of May 13, 2024.

“We started the year on a strong note, thanks to another quarter of focused execution on our strategic plan,” said Ryan Lance, chairman and CEO.

“We remain constructive on the macro environment and are committed to delivering competitive shareholder returns, including at least $9 billion in planned return of capital for 2024.”

By Vahid Karaahmetovic

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