Welcome to our dedicated page for ConocoPhillips news (Ticker: COP), a resource for investors and traders seeking the latest updates and insights on ConocoPhillips stock.
ConocoPhillips (symbol: COP) is a prominent American multinational corporation engaged in hydrocarbon exploration and production, headquartered in the Energy Corridor district of Houston, Texas. As a leading independent exploration and production firm in the U.S., ConocoPhillips is dedicated to discovering and developing oil and natural gas resources globally.
In 2023, ConocoPhillips achieved a significant milestone by producing an average of 1.2 million barrels per day of oil and natural gas liquids, along with 3.1 billion cubic feet per day of natural gas. The company's operations span several key regions, including Alaska, the Lower 48 states in the U.S., Norway in Europe, and multiple countries in the Asia-Pacific and Middle East.
The company's proven reserves at the end of 2023 were an impressive 6.8 billion barrels of oil equivalent, showcasing its robust portfolio and long-term potential. This extensive reserve base underscores ConocoPhillips' capacity to meet global energy demands while maintaining a strong financial footing.
ConocoPhillips is continually involved in new projects and strategic partnerships aimed at enhancing its production capabilities and expanding its reach. The company's commitment to sustainable practices and technological innovation positions it as a key player in the energy sector. Recent achievements include advancements in digital oilfield technology, which optimize exploration and production processes, thereby improving efficiency and reducing environmental impact.
Investors and stakeholders can keep abreast of the latest developments and performance metrics of ConocoPhillips through regular updates and news releases. The company's proactive approach to communication ensures transparency and provides valuable insights into its operations and strategic direction.
For more detailed and up-to-date information about ConocoPhillips, including its financial performance and ongoing projects, visit the official website or track news updates on platforms like StockTitan.
Trace Midstream Partners II, , backed by Quantum Capital Group, has acquired LM Energy Delaware's natural gas gathering and transportation assets in the Northern Delaware Basin. The system, located in Eddy and Lea counties, New Mexico, includes high- and low-pressure gas pipelines with associated infrastructure. Upon completion of ongoing projects, the system will comprise 170 miles of pipeline and 12 compressor stations, with a total design capacity of 650 million cubic feet per day. The acquisition marks Trace's entry into the Northern Delaware Basin, addressing substantial natural gas midstream constraints in the region. The system has over 80,000 dedicated acres and is supported by long-term, fixed-fee contracts from multiple producers.
ConocoPhillips (NYSE: COP) reported second-quarter 2024 earnings and adjusted earnings of $2.3 billion, or $1.98 per share, compared to $2.2 billion, or $1.84 per share, in Q2 2023. The company achieved record production of 1,945 MBOED and generated cash from operations of $5.1 billion. ConocoPhillips declared a quarterly dividend of $0.58 per share and a variable return of cash (VROC) of $0.20 per share. The company plans to increase the ordinary dividend by 34% to $0.78 per share starting in Q4 2024, incorporating the current VROC. ConocoPhillips distributed $1.9 billion to shareholders in Q2, including $1.0 billion through share repurchases. The company's full-year production guidance was updated to 1.93 to 1.94 MMBOED.
ConocoPhillips (NYSE: COP) will host a webcast to discuss its second-quarter 2024 financial and operating results on Thursday, August 1, 2024, at 12:00 p.m. Eastern time. The results will be released ahead of the market opening on the same day. Interested parties can join the webcast through ConocoPhillips' Investor Relations website. The event will be archived and available for replay, with an accompanying transcript accessible the following day. As of March 31, 2024, ConocoPhillips operates in 13 countries, has $95 billion in total assets, 10,000 employees, and an average production of 1,902 MBOED. The company reported proven reserves of 6.8 BBOE as of December 31, 2023.
ConocoPhillips (NYSE: COP) announced its acquisition of Marathon Oil (NYSE: MRO) in an all-stock deal valued at $22.5 billion, including $5.4 billion of net debt. Marathon Oil shareholders will receive 0.2550 shares of ConocoPhillips stock per share, representing a 14.7% premium to Marathon Oil's closing price on May 28, 2024. The transaction is expected to close in Q4 2024, delivering $500 million in cost and capital savings within the first year. ConocoPhillips plans a 34% increase in its base dividend to 78 cents per share in Q4 2024. It also projects over $20 billion in share buybacks within three years, with $7 billion in the first year. The acquisition is set to enhance ConocoPhillips' U.S. portfolio by adding over 2 billion barrels with a supply cost of less than $30 per barrel WTI.
ConocoPhillips reported first-quarter 2024 earnings per share of $2.15 and adjusted earnings per share of $2.03. The company generated cash provided by operating activities of $5.0 billion. ConocoPhillips declared an ordinary dividend of $0.58 per share and a variable return of cash (VROC) of $0.20 per share payable in the second quarter. The company distributed $2.2 billion to shareholders and retired debt of $0.5 billion at maturity. ConocoPhillips expects second-quarter 2024 production to be between 1.91 to 1.95 million barrels of oil equivalent per day.
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