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ConocoPhillips(COP) - 2024 Q1 - Quarterly Results
COPConocoPhillips(COP)2024-05-02 12:20

Financial Performance - Total revenues and other income for Q1 2024 were 14.476billion,adecreasefrom14.476 billion, a decrease from 15.517 billion in Q1 2023[1] - Net income for Q1 2024 was 2.551billion,downfrom2.551 billion, down from 2.920 billion in Q1 2023[1] - Sales and other operating revenues in Q1 2024 were 13.848billion,comparedto13.848 billion, compared to 14.811 billion in Q1 2023[1] - Equity in earnings of affiliates remained stable at 421millioninQ12024,comparedto421 million in Q1 2024, compared to 499 million in Q1 2023[1] - Purchased commodities expenses decreased to 5.334billioninQ12024from5.334 billion in Q1 2024 from 6.138 billion in Q1 2023[1] - Net income for the full year 2023 was 10,957million,withQ4contributing10,957 million, with Q4 contributing 3,007 million[7] - Corporate and Other Earnings (Loss) for 2024 Q1 is (171)million,comparedto(171) million, compared to (821) million for full year 2023[12] - Net interest expense for 2024 Q1 is (93)million,comparedto(93) million, compared to (360) million for full year 2023[12] - Corporate G&A expenses for 2024 Q1 is (105)million,comparedto(105) million, compared to (357) million for full year 2023[12] Income Before Taxes by Region - Income before income taxes in Alaska for Q1 2024 was 468million,downfrom468 million, down from 567 million in Q1 2023[1] - Lower 48 income before income taxes decreased to 1.766billioninQ12024from1.766 billion in Q1 2024 from 2.378 billion in Q1 2023[1] - Europe, Middle East, and North Africa income before income taxes was 1.081billioninQ12024,comparedto1.081 billion in Q1 2024, compared to 1.244 billion in Q1 2023[1] - Asia Pacific income before income taxes slightly increased to 517millioninQ12024from517 million in Q1 2024 from 582 million in Q1 2023[1] Segment Earnings - Alaska segment earnings for Q3 2023 were 448million,contributingtoatotalof448 million, contributing to a total of 1,778 million for the full year[3] - Lower 48 segment earnings for Q3 2023 were 1,781million,withaspecialitemof1,781 million, with a special item of 100 million, resulting in adjusted earnings of 1,681million[3]−CanadasegmentearningsforQ32023were1,681 million[3] - Canada segment earnings for Q3 2023 were 186 million, with a special item of 92million,leadingtoadjustedearningsof92 million, leading to adjusted earnings of 94 million[3] - Asia Pacific segment earnings for Q3 2023 were 465million,withaspecialitemof465 million, with a special item of 52 million, resulting in adjusted earnings of 413million[3]−ConsolidatedearningsforQ32023were413 million[3] - Consolidated earnings for Q3 2023 were 2,798 million, with special items totaling 197million,leadingtoadjustedearningsof197 million, leading to adjusted earnings of 2,601 million[3] Tax Rates - The effective income tax rate for Q1 2024 was 33.0%, slightly lower than 36.0% in Q1 2023[2] - The adjusted effective income tax rate for the Lower 48 segment in Q3 2023 was 22.3%[4] - The adjusted effective income tax rate for the Asia Pacific segment in Q3 2023 was 19.1%[4] - The consolidated adjusted effective income tax rate for Q3 2023 was 36.0%[4] Special Items - Special items in the Lower 48 segment for Q3 2023 included a 94milliongainonassetsales[5]−SpecialitemsintheAsiaPacificsegmentforQ32023includeda94 million gain on asset sales[5] - Special items in the Asia Pacific segment for Q3 2023 included a 52 million income tax benefit[5] Cash and Investments - Cash and cash equivalents decreased from 6,974millioninQ12023to6,974 million in Q1 2023 to 5,574 million in Q1 2024, a decline of 20.1%[6] - Short-term investments dropped significantly from 1,635millioninQ12023to1,635 million in Q1 2023 to 487 million in Q1 2024, a decrease of 70.2%[6] - Total current assets decreased from 16,116millioninQ12023to16,116 million in Q1 2023 to 13,721 million in Q1 2024, a reduction of 14.9%[6] - Net properties, plants, and equipment increased from 65,090millioninQ12023to65,090 million in Q1 2023 to 69,907 million in Q1 2024, a growth of 7.4%[6] - Total liabilities decreased slightly from 43,658millioninQ12023to43,658 million in Q1 2023 to 46,023 million in Q1 2024, an increase of 5.4%[6] - Retained earnings grew from 54,593millioninQ12023to54,593 million in Q1 2023 to 60,895 million in Q1 2024, an increase of 11.5%[6] - Total equity increased from 47,783millioninQ12023to47,783 million in Q1 2023 to 49,325 million in Q1 2024, a growth of 3.2%[6] - Long-term debt decreased from 15,266millioninQ12023to15,266 million in Q1 2023 to 17,304 million in Q1 2024, an increase of 13.3%[6] - Inventories increased from 1,258millioninQ12023to1,258 million in Q1 2023 to 1,443 million in Q1 2024, a growth of 14.7%[6] - Accounts and notes receivable remained relatively stable, decreasing slightly from 5,280millioninQ12023to5,280 million in Q1 2023 to 5,444 million in Q1 2024, a decline of 3.1%[6] Cash Flow and Capital Expenditures - Total cash flow from operating activities for 2023 was 19,965million,withQ4generating19,965 million, with Q4 generating 5,263 million[7] - Capital expenditures and investments for 2023 totaled 11,248million,withQ4spending11,248 million, with Q4 spending 2,883 million[7] - Net cash used in investing activities for 2023 was 12,000million,withQ4utilizing12,000 million, with Q4 utilizing 5,852 million[7] - Repurchase of company common stock in 2023 amounted to 5,400million,withQ4repurchasing5,400 million, with Q4 repurchasing 1,100 million[7] - Dividends paid in 2023 totaled 5,583million,withQ4paying5,583 million, with Q4 paying 1,408 million[7] - Total capital expenditures and investments for Q1 2024 were 2,916million[7]−NetcashprovidedbyoperatingactivitiesforQ12024was2,916 million[7] - Net cash provided by operating activities for Q1 2024 was 4,985 million[7] - Net cash used in investing activities for Q1 2024 was 2,141million[7]−RepurchaseofcompanycommonstockinQ12024amountedto2,141 million[7] - Repurchase of company common stock in Q1 2024 amounted to 1,325 million[7] Production and Realized Prices - Total production for 2023 Q3 was 1,806 MBOED, with crude oil production at 927 MBD (consolidated: 914 MBD, equity affiliates: 13 MBD)[8] - Natural gas production in 2023 Q3 reached 3,141 MMCFD (consolidated: 1,889 MMCFD, equity affiliates: 1,252 MMCFD)[8] - WTI crude oil price averaged 82.26/BBLin2023Q3,whileBrentdatedaveraged82.26/BBL in 2023 Q3, while Brent dated averaged 86.76/BBL[8] - Bitumen production in 2023 Q3 was 64 MBD, with an average realized price of 57.85/BBL[8]−NGLproductionin2023Q3was291MBD(consolidated:283MBD,equityaffiliates:8MBD),withanaveragerealizedpriceof57.85/BBL[8] - NGL production in 2023 Q3 was 291 MBD (consolidated: 283 MBD, equity affiliates: 8 MBD), with an average realized price of 23.01/BBL[8] - Natural gas realized price in 2023 Q3 was 5.06/MCF(consolidated:5.06/MCF (consolidated: 3.29/MCF, equity affiliates: 7.73/MCF)[8]−Consolidatedcrudeoilproductionfor2023was923MBD,withaslightincreaseto928MBDprojectedfor2024[10]−Lower48crudeoilproductionin2023was569MBD,expectedtodecreaseto553MBDin2024[10]−Canada′scrudeoilproductionin2023was9MBD,withasignificantincreaseto18MBDprojectedfor2024[10]−TotalNGLproductionfor2023was287MBD,withaslightdecreaseto279MBDexpectedin2024[10]−BitumenproductioninCanadafor2023was81MBD,withasubstantialincreaseto129MBDprojectedfor2024[10]−Totalnaturalgasproductionfor2023was3,135MMCFD,withanincreaseto3,302MMCFDexpectedin2024[10]−Lower48naturalgasproductionin2023was1,457MMCFD,expectedtoslightlyincreaseto1,479MMCFDin2024[10]−Totalconsolidatedoperationsproductionfor2023was1,602MBOED,withanincreaseto1,667MBOEDprojectedfor2024[10]−Equityaffiliates′totalproductionfor2023was224MBOED,withanincreaseto235MBOEDexpectedin2024[10]−Totalproduction(includingequityaffiliates)for2023was1,826MBOED,withanincreaseto1,902MBOEDprojectedfor2024[10]−Consolidatedcrudeoilaveragerealizedpricefor2024Q1is7.73/MCF)[8] - Consolidated crude oil production for 2023 was 923 MBD, with a slight increase to 928 MBD projected for 2024[10] - Lower 48 crude oil production in 2023 was 569 MBD, expected to decrease to 553 MBD in 2024[10] - Canada's crude oil production in 2023 was 9 MBD, with a significant increase to 18 MBD projected for 2024[10] - Total NGL production for 2023 was 287 MBD, with a slight decrease to 279 MBD expected in 2024[10] - Bitumen production in Canada for 2023 was 81 MBD, with a substantial increase to 129 MBD projected for 2024[10] - Total natural gas production for 2023 was 3,135 MMCFD, with an increase to 3,302 MMCFD expected in 2024[10] - Lower 48 natural gas production in 2023 was 1,457 MMCFD, expected to slightly increase to 1,479 MMCFD in 2024[10] - Total consolidated operations production for 2023 was 1,602 MBOED, with an increase to 1,667 MBOED projected for 2024[10] - Equity affiliates' total production for 2023 was 224 MBOED, with an increase to 235 MBOED expected in 2024[10] - Total production (including equity affiliates) for 2023 was 1,826 MBOED, with an increase to 1,902 MBOED projected for 2024[10] - Consolidated crude oil average realized price for 2024 Q1 is 78.67 per barrel, compared to 78.97in2023[11]−NGLaveragerealizedpricefor2024Q1is78.97 in 2023[11] - NGL average realized price for 2024 Q1 is 24.25 per barrel, up from 22.82in2023[11]−Bitumenaveragerealizedpricefor2024Q1is22.82 in 2023[11] - Bitumen average realized price for 2024 Q1 is 44.30 per barrel, compared to 42.15in2023[11]−Naturalgasaveragerealizedpricefor2024Q1is42.15 in 2023[11] - Natural gas average realized price for 2024 Q1 is 5.02 per MCF, down from 5.69in2023[11]ExplorationandDepreciationExpenses−Totalexplorationexpensesfor2023Q3were5.69 in 2023[11] Exploration and Depreciation Expenses - Total exploration expenses for 2023 Q3 were 92 million, with U.S. exploration expenses at 29millionandinternationalat29 million and international at 63 million[9] - DD&A expenses for 2023 Q3 totaled 2,095million,withLower48contributing2,095 million, with Lower 48 contributing 1,489 million and Alaska 259million[9]−Totalexplorationexpensesfor2024Q1YTDwere259 million[9] - Total exploration expenses for 2024 Q1 YTD were 112 million, with U.S. exploration expenses at 66millionandinternationalat66 million and international at 46 million[9] - DD&A expenses for 2024 Q1 YTD totaled 2,211million,withLower48contributing2,211 million, with Lower 48 contributing 1,432 million and Alaska 324million[9]DebtandEquity−Totaldebtfor2024Q1is324 million[9] Debt and Equity - Total debt for 2024 Q1 is 18,417 million with a debt-to-capital ratio of 27%[12] - Equity for 2024 Q1 is 49,325million,comparedto49,325 million, compared to 49,279 million in 2023 Q4[12] - Capitalized interest for 2024 Q1 is 50million,comparedto50 million, compared to 153 million for full year 2023[12]