Q2 2024 ConocoPhillips Earnings Call Transcript
Key Points
- ConocoPhillips (COP) announced a 34% increase in its ordinary dividend starting in the fourth quarter.
- The company delivered record production in the second quarter with strong contributions from the entire portfolio.
- ConocoPhillips (COP) signed two additional long-term regasification and sales agreements to deliver LNG volumes into Europe and Asia.
- The planned acquisition of Marathon Oil is expected to close in the fourth quarter, with integration planning activities already underway.
- The company remains committed to distributing at least $9 billion to shareholders this year on a standalone basis.
- Higher forecasted adjusted operating costs due to increased transportation and processing costs and inflationary pressures on the Lower 48.
- Significant turnaround impacts expected in the third quarter, affecting production by about 90,000 barrels per day.
- Lower 48 gas realizations were particularly low in the second quarter, with realizations just under 20% of Henry Hub.
- The company is facing regulatory restrictions on share buybacks until the Marathon Oil shareholder vote on August 29.
- Higher capital expenditures expected for the year, primarily due to strong progress on the Willow project and additional capital allocated to Lower 48 partner-operated activity.
Welcome to the second 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 second quarter 2024 earnings conference call. On the call today are several members of the Conocophillips leadership team, including Ryan Lance, Chairman and 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 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 Investor
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