ConocoPhillips reports Q2 EPS $1.98, consensus $1.81

Reports Q2 earnings and adjusted earnings increased from the second quarter of 2023. The quarter benefited from higher average realized prices, despite weaker Lower 48 gas realizations, and higher volumes. These increases were partially offset by higher depreciation, depletion and amortization and higher operating costs. The company’s total average realized price was $56.56 per BOE, 4% higher than the $54.50 per BOE realized in the second quarter of 2023. .”In the second quarter, we continued to deliver on our returns-focused value proposition, achieving record production and advancing our global LNG strategy. We announced a 34% increase in our ordinary dividend starting in the fourth quarter and remain committed to returning at least $9 billion of capital for 2024,” said Ryan Lance, chairman and chief executive officer. “Our previously announced plan to acquire Marathon Oil is progressing, and we expect to close late in the fourth quarter.” ConocoPhillips declared a third-quarter ordinary dividend of $0.58 per share and a VROC of $0.20 per share, both payable Sept. 3, 2024, to stockholders of record at the close of business on Aug. 12, 2024. In May, ConocoPhillips announced plans to increase the ordinary dividend by 34% to $0.78 per share starting in the fourth quarter of 2024. This will incorporate the current VROC of $0.20 per share into the ordinary dividend…and dispositions, second-quarter 2024 production increased 76 MBOED or 4% from the same period a year ago. Lower 48 delivered production of 1,105 MBOED, including 748 MBOED from the Permian, 238 MBOED from the Eagle Ford and 105 MBOED from the Bakken.