ConocoPhillips Q2 2024 adj EPS $1.98 (up 7.6% YoY); raises production guidance, boosts dividend 34%

CONOCOPHILLIPS

2024-Q2 EPS reported $4.14 revenue$27,468,000,000

Q2 adjusted earnings $2.3B ($1.98/share) vs $2.2B ($1.84/share) YoY; revenue $13.6B.
Declared Q3 ordinary dividend $0.58/share and VROC $0.20/share payable Sept 3; 34% increase to $0.78/share starting Q4 2024.
Record total production 1,945 MBOED; Lower 48 production 1,105 MBOED; avg realized price $56.56/BOE, up 4% YoY.
Full-year production guidance raised to ~1.93-1.94 MMBOED; capex ~$11.5B; DD&A guidance lowered; op cost guidance raised to $9.2-9.3B.
Marathon Oil acquisition on track for late Q4 close; $1.9B returned to shareholders in Q2 ($1.0B buybacks, $0.9B dividends).

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