Q1 2024 Conocophillips Earnings Call Transcript
Key Points
- ConocoPhillips (COP) reported a solid start to the year with focused execution across the portfolio, maintaining full-year guidance.
- Production growth was evident with international projects ramping up and record production levels achieved in Canada at Montney.
- The company is on track to distribute at least $9 billion to shareholders this year, maintaining a strong commitment to shareholder returns.
- ConocoPhillips (COP) is seeing successful advancements in major projects like Willow and LNG developments in Qatar and Port Arthur.
- Operational efficiencies continue to improve, particularly in the Lower 48, with a focus on capital efficient growth and drilling improvements.
- Weather-related disruptions led to a 25,000 barrel per day production headwind, impacting Lower 48 production by about 2%.
- Despite overall growth, the Lower 48 experienced only about 1% year-over-year underlying growth due to these disruptions.
- First quarter capital expenditures were slightly below expectations due to timing issues, raising some concerns about pacing.
- The company faces ongoing challenges with gas pricing volatility, particularly in the Permian Basin, affecting near-term cash flows.
- There are concerns about the need for additional pipeline capacity to stabilize and improve gas market differentials and realizations.
Welcome to the First Quarter 2024 ConocoPhillips Earnings Conference Call. My name is Liz, and I will be your operator for today's call. (Operator Instructions).
I will now turn the call over to Phil Gresh, Vice President, Investor Relations. Sir, you may begin.
Thank you, Liz, and welcome, everyone, to our First Quarter 2024 Earnings Conference Call. On the call today, we have several members in the ConocoPhillips' leadership team, including Ryan Lance, Chairman and CEO; Tim Leach, Adviser to the CEO; Bill Bullock, Executive Vice President and Chief Financial Officer; Andy O'Brien, Senior Vice President of Strategy, Commercial Sustainability and Technology; Nick Olds, Executive Vice President of Lower 48; and Kirk Johnson, Senior Vice President of Global Operations.
Ryan and Bill will kick it off with opening remarks, after which the team will be available for your questions. A few quick reminders. First, along with today's release, we published supplemental financial materials and a slide presentation, which you can find on the
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