ConocoPhillips(COP) - 2025 Q1 - Quarterly Results

Financial Performance - Total revenues for 2024 reached $56,953 million, with Q4 alone contributing $14,737 million, showing a year-over-year increase[1] - Net income for 2024 was $9,245 million, with Q4 net income at $2,306 million, reflecting a solid performance despite fluctuations in quarterly earnings[1] - The company reported adjusted earnings of $9,224 million for 2024, with Q1 2025 adjusted earnings at $2,679 million, demonstrating consistent profitability[3] - The company reported a basic net income per share of $7.82 for 2024, with Q1 2025 showing a basic net income per share of $2.23[1] - Net income for 2024 was $9,245 million, with a net income of $2,849 million reported in Q1 2025[7] Taxation - The effective income tax rate for the consolidated entity was 32.4% for the full year 2024, with a notable increase to 36.2% in Q1 2025[2] - The effective income tax rate in the Asia Pacific region was 10.9% for the full year 2024, with a slight increase to 17.1% in Q1 2025[4] Costs and Expenses - The total costs and expenses for 2024 were $43,281 million, with Q4 expenses amounting to $11,767 million, highlighting cost management efforts[1] - The company incurred transaction and integration expenses of $37 million in Q1 2025, down from $499 million in Q4 2024, indicating a reduction of 92.6%[5] - The company reported total DD&A expenses of $9,599 million for 2024, with $2,746 million in the first quarter of 2025[9] - Corporate G&A expenses totaled $716 million for the full year 2024, with $110 million in Q1 2025[12] Regional Performance - Earnings from the Lower 48 segment totaled $5,175 million for 2024, with Q1 2025 earnings at $1,790 million, indicating strong regional performance[3] - The Asia Pacific segment generated earnings of $1,724 million for 2024, with Q1 2025 earnings at $311 million, reflecting regional market dynamics[3] - The company reported a total of $93 million in income for the Lower 48 region in Q1 2025, a significant increase from a loss of $4 million in Q4 2024[5] Assets and Liabilities - Total assets increased to $124.254 billion in Q1 2025, up from $122.780 billion in Q4 2024, reflecting a growth of 1.2%[6] - Total liabilities increased to $59.016 billion in Q1 2025, up from $57.984 billion in Q4 2024, representing a growth of 1.8%[6] - Total equity increased to $65.238 billion in Q1 2025, up from $64.796 billion in Q4 2024, representing a growth of 0.7%[6] - Retained earnings reached $66.721 billion in Q1 2025, an increase from $64.869 billion in Q4 2024, reflecting a growth of 2.8%[6] Production and Capital Expenditures - Total capital expenditures and investments for 2024 amounted to $12,118 million, with $3,378 million in Q1 2025[7] - Total production in MBOED for Q1 2025 reached 2,389, an increase from 1,902 in Q1 2024[8] - Consolidated operations crude oil production in Q1 2025 was 1,153 MBD, up from 944 MBD in Q1 2024[8] - Natural gas production in Q1 2025 was 2,840 MMCFD, an increase from 2,035 MMCFD in Q1 2024[8] - The company’s total production for the first quarter of 2025 is projected to be 1,166 MBD, an increase from 982 MBD in the full year of 2024[10] Cash Flow - The company reported a net cash provided by operating activities of $20,124 million for 2024, with $6,115 million in Q1 2025[7] - The company experienced a net cash used in financing activities of $3,137 million in Q1 2025[7] Exploration Expenses - Total exploration expenses for 2024 are projected to be $355 million, with $117 million incurred in the first quarter[9] - U.S. exploration expenses for 2024 totaled $158 million, with $42 million in the first quarter of 2025[9] - International exploration expenses for 2024 were $197 million, with $75 million in the first quarter of 2025[9] Pricing - Average realized price for total production in Q1 2025 was $53.34 per BOE, compared to $56.60 in Q1 2024[8] - Average realized price for crude oil in total consolidated operations was $76.74 per barrel for the full year 2024, down from $78.67 in Q1 2024[11] - Average realized price for NGL in Q1 2025 was $24.86 per BBL, compared to $23.35 in Q1 2024[8] - Average realized price for NGLs in total consolidated operations was $23.19 per barrel for the full year 2024, increasing to $25.40 per barrel in Q1 2025[11] - The average realized price for bitumen in Canada was $47.92 per barrel for the full year 2024, with a slight decrease to $45.29 per barrel in Q1 2025[11] - The average realized price for natural gas in Norway reached $14.86 per MCF in Q1 2025, compared to $11.11 per MCF for the full year 2024[11] - Natural gas price for total consolidated operations increased to $4.76 per MCF in Q1 2025, compared to $2.61 per MCF for the full year 2024[11] Debt and Interest - Total debt stood at $24.324 billion at the end of Q4 2024, with a debt-to-capital ratio maintained at 27%[12] - Net interest expense for corporate and other was $389 million for the full year 2024, with $131 million in Q1 2025[12] Corporate Earnings - Corporate and other earnings reported a loss of $880 million for the full year 2024, with a loss of $256 million in Q1 2025[12]