ConocoPhillips (COP) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.Over the past month, shares of this energy company have returned -5%, compared to the Zacks S&P 500 composite's -6.5% change. During this period, the Zacks Oil and Gas - Integrated - United States industry, which ConocoPhillips falls in, has lost 6.4%. The key question now is: What could be the st ...

ConocoPhillips' strategy is paying big dividends for investors.ConocoPhillips (COP -2.42%) spent several years repositioning its global oil and gas portfolio by jettisoning non-core assets and building around its lowest-cost and highest-return operations. That strategy has paid big dividends in recent years. Literally -- the oil giant has transformed into a cash-gushing machine, which is giving it lots of money to return to shareholders. The oil company's cash-generating capabilities were on full display in ...

Acquisition and Synergies - ConocoPhillips announced the acquisition of Marathon Oil Corporation in an all-stock transaction with an enterprise value of approximately $22.5 billion, including $5.4 billion of Marathon Oil's debt[118] - The company expects annualized cost and capital expenditure synergies of at least $500 million within the first full year following the close of the Marathon Oil acquisition[119] - ConocoPhillips plans to repurchase over $7 billion of shares in the first full year and over $20 billion in total over the first three years following the Marathon Oil acquisition[119] Production and Financial Performance - Second-quarter 2024 production increased by 140 MBOED to 1,945 MBOED, with a 4% increase (76 MBOED) after adjusting for acquisitions and dispositions[124] - The company generated $4.9 billion in cash from operating activities in Q2 2024 and returned $1.9 billion to shareholders through share repurchases and dividends[125] - Full-year 2024 production guidance is updated to 1.93-1.94 MMBOED, reflecting strong Q2 results[131] - Full-year 2024 capital expenditures guidance is updated to approximately $11.5 billion, up from the prior range of $11.0-11.5 billion[131] - Total production in Q2 2024 was 1,945 MBOED, an increase of 140 MBOED or 8% compared to the same period in 2023[135] - Six-month production in 2024 was 1,923 MBOED, an increase of 125 MBOED or 7% compared to the same period in 2023[135] - Sales and other operating revenues increased by $1,269 million in Q2 2024 and $306 million in the six-month period of 2024, driven by higher volumes and realized prices[138] - Production and operating expenses increased by $278 million in Q2 2024 and $514 million in the six-month period of 2024, primarily due to higher lease operating expenses and transportation costs[139] - DD&A expenses increased by $324 million in Q2 2024 and $593 million in the six-month period of 2024, mainly due to higher rates and volumes in the Lower 48 and Alaska segments[140] - Net income for the Lower 48 segment was $1,259 million in Q2 2024 and $2,640 million in the six-month period of 2024, driven by higher realized prices and volumes[149] - Alaska segment net income was $360 million in Q2 2024 and $706 million in the six-month period of 2024, with higher sales revenues offset by increased production and operating expenses[145] - Average production in the Lower 48 increased by 42 MBOED in Q2 2024 and 26 MBOED in the six-month period of 2024, primarily due to new wells online[151] - Purchased commodities increased by $242 million in Q2 2024 but decreased by $562 million in the six-month period of 2024, driven by fluctuating natural gas and power prices[139] - Equity in earnings of affiliates decreased by $87 million in the six-month period of 2024 due to lower LNG prices[138] - Canada segment reported net income of $261 million and $441 million for the three- and six-month periods of 2024, respectively, compared to $32 million and $38 million in the same periods of 2023[153] - Canada segment's total production increased by 91 MBOED and 86 MBOED for the three- and six-month periods of 2024, driven by increased working interest in Surmont and new wells in Montney and Surmont[155] - Europe, Middle East and North Africa segment reported net income of $251 million and $555 million for the three- and six-month periods of 2024, respectively, compared to $264 million and $629 million in the same periods of 2023[158] - Asia Pacific segment reported net income of $444 million and $956 million for the three- and six-month periods of 2024, respectively, compared to $387 million and $909 million in the same periods of 2023[163] - Asia Pacific segment's average crude oil sales price increased to $86.47 per barrel in Q2 2024 from $78.64 per barrel in Q2 2023[162] - Corporate G&A expenses decreased to $78 million and $183 million for the three- and six-month periods of 2024, respectively, due to mark-to-market adjustments in compensation programs[167] - Technology expenses increased to $44 million and $68 million for the three- and six-month periods of 2024, respectively, due to higher costs in low-carbon and new technologies[167] - Other International segment reported a net income of $3 million and $2 million for the three- and six-month periods of 2024, respectively, compared to a net loss of $4 million and $3 million in the same periods of 2023[165] - Net interest expense increased to $89 million and $182 million for the three- and six-month periods of 2024, respectively, compared to $86 million and $176 million in the same periods of 2023[166] - Other income (expense) decreased to a loss of $38 million and a gain of $13 million for the three- and six-month periods of 2024, respectively, due to foreign currency exchange impacts and absence of prior year tax adjustments[168] - Total liquidity at June 30, 2024 was $11.5 billion, including $4.3 billion in cash and cash equivalents, $1.7 billion in short-term investments, and $5.5 billion in available borrowing capacity[171] - Cash provided by operating activities increased to $9.9 billion in the first six months of 2024, up from $9.3 billion in the same period of 2023, driven by higher production and crude prices[172] - Capital expenditures and investments totaled $5.9 billion in the first six months of 2024, with 2024 full-year guidance of approximately $11.5 billion[175][184] - The company repurchased 20.0 million shares for $2.3 billion in the first six months of 2024, bringing total repurchases under the current program to 403.4 million shares and $31.2 billion[182] - Total debt decreased to $18.4 billion at June 30, 2024 from $18.9 billion at December 31, 2023, with debt-to-capital ratio improving to 27% from 28%[170][177] - The company paid ordinary dividends of $1.16 per share and VROC payments of $0.40 per share in the first six months of 2024, with plans to increase the quarterly ordinary dividend by 34% starting in Q4 2024[181] - Investments in LNG projects totaled $0.5 billion in the first six months of 2024, including projects in Port Arthur, QatarEnergy LNG NFE4 and NFS3[175] - The company has a $5.5 billion revolving credit facility expiring in February 2027, with full borrowing capacity available as of June 30, 2024[177] - Revenues and other income for the Obligor Group totaled $18.2 billion in the first six months of 2024, with net income of $4.9 billion[187] - The company maintains strong credit ratings, with Fitch at "A", S&P at "A-", and Moody's at "A2", all with stable outlooks[178] Environmental and Climate Strategy - The company has identified 15 sites in the U.S. as potentially responsible parties under CERCLA and comparable state laws, with a total environmental accrual of $184 million on the consolidated balance sheet as of June 30, 2024[193] - The company expects to incur substantial environmental remediation expenditures within the next 30 years, with no material adverse effect anticipated on operations or financial position from current environmental compliance[194] - The company has adopted a Paris-aligned climate risk framework aiming for net-zero operational (Scope 1 and 2) emissions by 2050, with a focus on managing climate-related risks and optimizing opportunities[196] - The company's Climate Risk Strategy includes a Plan for the Net-Zero Energy Transition, emphasizing strategic flexibility, emissions reduction, and contributions to an orderly energy transition[197] - The company has accelerated its GHG intensity reduction target to 50-60% by 2030 from a 2016 baseline and implemented a near-zero methane emissions intensity target of 1.5 kg CO2e per BOE by 2030[199] - The company does not include a Scope 3 (end-use) emissions target in its Plan, advocating instead for a well-designed, economy-wide carbon price and regulatory action on methane[198] - The company's environmental and climate-related risks are detailed in its 2023 Annual Report on Form 10-K, including potential impacts from future laws and regulations[200] Market and Price Trends - Brent crude oil prices averaged $84.94 per barrel in Q2 2024, an 8% increase from $78.39 per barrel in Q2 2023[127] - Henry Hub natural gas prices averaged $1.89 per MMBTU in Q2 2024, a 10% decrease from $2.09 per MMBTU in Q2 2023[128] LNG Agreements - The company signed long-term LNG agreements for 0.75 MTPA regasification capacity in Belgium and 0.5 MTPA sales into Asia, both commencing in 2027[123] Risks and Uncertainties - The company's forward-looking statements include expectations for production growth, capital expenditures, and dividends, with caution about potential risks and uncertainties[201] - The company faces risks from fluctuations in oil and gas prices, global demand and supply changes, and potential impacts from military conflicts and public health crises[202] - The company's ability to achieve its low-carbon strategy and emissions reduction targets may be impacted by technological, regulatory, and market uncertainties[202]

Key TakeawaysConocoPhillips on Thursday reported record levels of production for the second quarter.However, the company's revenue and net income fell short of analysts' estimates and its shares fell.ConocoPhillips also said that its $22.5 billion acquisition of Marathon Oil is on track to close by the end of the fourth quarter despite a recent request for more information on the deal from the FTC. ConocoPhillips (COP) on Thursday reported second-quarter results below analysts' expectations and narrowed its ...

ConocoPhillips (COP) reported second-quarter 2024 adjusted earnings per share of $1.98, which missed the Zacks Consensus Estimate of $2.06. The bottom line, however, increased from the prior-year quarter’s level of $1.84.One of the world’s leading independent oil and gas producers, headquartered in Houston, TX, ConocoPhillips’ quarterly revenues of $14.1 billion increased from $12.9 billion in the year-ago period. However, the top line missed the Zacks Consensus Estimate of $15.1 billion.The lower-than-expe ...

About this content About William Farrington William kickstarted his career as a researcher and reporter for a global legal publication, covering everything from public law to M&A. Before moving to Proactive Investors, he worked as a reporter for a major fintech company with a focus on cryptocurrency and blockchain technology. Harking from Queensland, Australia, William obtained first-class honours in journalism and media from Birkbeck University before going on to complete an MA in creative and critical ...

Even with the fluctuating and uncertain conditions in the energy market, upstream companies are experiencing substantial gains from favorable oil prices. Furthermore, integrated energy firms' midstream segments continue to perform well, thanks to consistent revenues from fees associated with pipeline and storage facilities. This strong performance enhances the outlook for Zacks Oil & Gas US Integrated industry.Leading contenders in the industry poised to capitalize on this favorable business environment inc ...

ConocoPhillips (COP) came out with quarterly earnings of $1.98 per share, missing the Zacks Consensus Estimate of $2.06 per share. This compares to earnings of $1.84 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -3.88%. A quarter ago, it was expected that this energy company would post earnings of $1.99 per share when it actually produced earnings of $2.03, delivering a surprise of 2.01%.Over the last four quarters, the comp ...

Exhibit 99.2 Second-Quarter 2024 Detailed Supplemental Information 2023 2024 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------|---------|---------|---------|---------|-----------|---------|---------|-----------------|-------| | | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr 4th Qtr | YTD | | $ Millions, Except as Indicated | | | | | | | | | | CONSOLIDATED INCOME STATEMENT Revenues and Other Income | --- | --- | --- | --- | --- ...

HOUSTON, TEXAS - JUNE 14: The ConocoPhillips Headquarters on June 14, 2024 in Houston, Texas. (Photo ... [+] by Brandon Bell/Getty Images)Getty ImagesConocoPhillips (NYSE: COP), a pure-play oil and natural gas producer, is scheduled to announce its fiscal second-quarter results on Thursday, August 1. We expect ConocoPhillips stock to trade higher post Q2 with both revenue and earnings beating market expectations marginally. COP stock is down 6% year-to-date to $110. In comparison, COP’s peer Exxon Mobil sto ...