The company said its net loss attributable to common stock for Q3 2024 was $223 million ($0.60 per diluted share), down from net income of $459 million ($1.49 per share) a year earlier. The company cited impairments of $1.1 billion, including oil and gas property impairments in the North Sea of $793 million and an impairment of assets held for sale in the Permian Basin of $315 million, as the main factors.

1. 01

   The company said its net loss attributable to common stock for Q3 2024 was $223 million ($0.60 per diluted share), down from net income of $459 million ($1.49 per share) a year earlier. The company cited impairments of $1.1 billion, including oil and gas property impairments in the North Sea of $793 million and an impairment of assets held for sale in the Permian Basin of $315 million, as the main factors.

2. 02

   The company said crude oil revenues for Q3 2024 totaled $1.8 billion, up $92 million from a year earlier. Higher average daily production, up 23%, added $251 million, while a 9% decline in average realized prices, from $86.15 to $78.06 per barrel, reduced revenues by $159 million.

3. 03

   The company said it completed its acquisition of Callon on April 1, 2024, an all-stock transaction valued at about $4.5 billion including Callon's debt, and issued about 70 million shares. It also said it entered into an agreement on September 10, 2024 to sell non-core Permian Basin properties for $950 million, and it expects the sale to close in Q4.

4. 04

   The company said it generated $2.6 billion of cash from operating activities in the first 9 months of 2024, 23% higher than a year earlier. In the same period, it repurchased 4.6 million shares for $146 million and paid $260 million in dividends to common stockholders.

Key figures

Quarter ended September 30, 2024

Operating income

−$143M

Net income

−$139M

EPS

−$0.60

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.