ConocoPhillips(COP) - 2024 Q1 - Quarterly Results

Financial Performance - Total revenues and other income for Q1 2024 were $14.476 billion, a decrease from $15.517 billion in Q1 2023[1] - Net income for Q1 2024 was $2.551 billion, down from $2.920 billion in Q1 2023[1] - Sales and other operating revenues in Q1 2024 were $13.848 billion, compared to $14.811 billion in Q1 2023[1] - Equity in earnings of affiliates remained stable at $421 million in Q1 2024, compared to $499 million in Q1 2023[1] - Purchased commodities expenses decreased to $5.334 billion in Q1 2024 from $6.138 billion in Q1 2023[1] - Net income for the full year 2023 was $10,957 million, with Q4 contributing $3,007 million[7] - Corporate and Other Earnings (Loss) for 2024 Q1 is $(171) million, compared to $(821) million for full year 2023[12] - Net interest expense for 2024 Q1 is $(93) million, compared to $(360) million for full year 2023[12] - Corporate G&A expenses for 2024 Q1 is $(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 $468 million, down from $567 million in Q1 2023[1] - Lower 48 income before income taxes decreased to $1.766 billion in Q1 2024 from $2.378 billion in Q1 2023[1] - Europe, Middle East, and North Africa income before income taxes was $1.081 billion in Q1 2024, compared to $1.244 billion in Q1 2023[1] - Asia Pacific income before income taxes slightly increased to $517 million in Q1 2024 from $582 million in Q1 2023[1] Segment Earnings - Alaska segment earnings for Q3 2023 were $448 million, contributing to a total of $1,778 million for the full year[3] - Lower 48 segment earnings for Q3 2023 were $1,781 million, with a special item of $100 million, resulting in adjusted earnings of $1,681 million[3] - Canada segment earnings for Q3 2023 were $186 million, with a special item of $92 million, leading to adjusted earnings of $94 million[3] - Asia Pacific segment earnings for Q3 2023 were $465 million, with a special item of $52 million, resulting in adjusted earnings of $413 million[3] - Consolidated earnings for Q3 2023 were $2,798 million, with special items totaling $197 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 $94 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 $6,974 million in Q1 2023 to $5,574 million in Q1 2024, a decline of 20.1%[6] - Short-term investments dropped significantly from $1,635 million in Q1 2023 to $487 million in Q1 2024, a decrease of 70.2%[6] - Total current assets decreased from $16,116 million in Q1 2023 to $13,721 million in Q1 2024, a reduction of 14.9%[6] - Net properties, plants, and equipment increased from $65,090 million in Q1 2023 to $69,907 million in Q1 2024, a growth of 7.4%[6] - Total liabilities decreased slightly from $43,658 million in Q1 2023 to $46,023 million in Q1 2024, an increase of 5.4%[6] - Retained earnings grew from $54,593 million in Q1 2023 to $60,895 million in Q1 2024, an increase of 11.5%[6] - Total equity increased from $47,783 million in Q1 2023 to $49,325 million in Q1 2024, a growth of 3.2%[6] - Long-term debt decreased from $15,266 million in Q1 2023 to $17,304 million in Q1 2024, an increase of 13.3%[6] - Inventories increased from $1,258 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 $5,280 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 $19,965 million, with Q4 generating $5,263 million[7] - Capital expenditures and investments for 2023 totaled $11,248 million, with Q4 spending $2,883 million[7] - Net cash used in investing activities for 2023 was $12,000 million, with Q4 utilizing $5,852 million[7] - Repurchase of company common stock in 2023 amounted to $5,400 million, with Q4 repurchasing $1,100 million[7] - Dividends paid in 2023 totaled $5,583 million, with Q4 paying $1,408 million[7] - Total capital expenditures and investments for Q1 2024 were $2,916 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 $2,141 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/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] - 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: $3.29/MCF, equity affiliates: $7.73/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 $78.97 in 2023[11] - NGL average realized price for 2024 Q1 is $24.25 per barrel, up from $22.82 in 2023[11] - Bitumen average realized price for 2024 Q1 is $44.30 per barrel, compared to $42.15 in 2023[11] - Natural gas average realized price for 2024 Q1 is $5.02 per MCF, down from $5.69 in 2023[11] Exploration and Depreciation Expenses - Total exploration expenses for 2023 Q3 were $92 million, with U.S. exploration expenses at $29 million and international at $63 million[9] - DD&A expenses for 2023 Q3 totaled $2,095 million, with Lower 48 contributing $1,489 million and Alaska $259 million[9] - Total exploration expenses for 2024 Q1 YTD were $112 million, with U.S. exploration expenses at $66 million and international at $46 million[9] - DD&A expenses for 2024 Q1 YTD totaled $2,211 million, with Lower 48 contributing $1,432 million and Alaska $324 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 $49,325 million, compared to $49,279 million in 2023 Q4[12] - Capitalized interest for 2024 Q1 is $50 million, compared to $153 million for full year 2023[12]