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Mixed Bag For ConocoPhillips: Q3 Production Gains Amidst Earnings Pressure
ConocoPhillips (NYSE:COP) shares are trading higher after the company released second-quarter 2024 results.
Here’s a breakdown of the report.
Revenue of $14.136 billion missed the consensus of $14.919 billion
Adjusted EPS of $1.98 missed the consensus of $1.96.
Operating cash flow stood at $4.9 billion.
$3 billion of capital expenditures and investments funded.
$900 million in ordinary dividends and VROC paid.
Repurchased $1 billion of shares.
Quarter ended with $6.3 billion in cash and short-term investments and $1 billion in long-term investments.
Dividend: ConocoPhillips declared a quarterly ordinary dividend of 58 cents per share and a VROC of 20 cents per shar. Both are payable on Sept. 3, 2024, to stockholders of record as of Aug. 12, 2024.
Outlook: The company produced 1,945 thousand barrels of oil equivalent per day (MBOED). That’s an increase of 140 ...