AI English summary of an SEC filing — figures as filed
ConocoPhillips COPConocoPhillips said its Q1 2024 production was 1,902 MBOED, up 110 MBOED from the same period a year earlier. The company said net income fell $369 million, citing lower realized gas and NGL prices and higher DD&A expenses as factors.
Key points
AI summaryConocoPhillips said its Q1 2024 production was 1,902 MBOED, up 110 MBOED from the same period a year earlier. The company said net income fell $369 million, citing lower realized gas and NGL prices and higher DD&A expenses as factors.
The company said Brent crude averaged $83.24 per barrel in Q1 2024, WTI averaged $76.96, and Henry Hub averaged $2.25 per MMBTU, down 35% from Q1 a year earlier. Its total average realized price was $56.60 per BOE, lower than $60.86 in Q1 a year earlier.
ConocoPhillips said cash provided by operating activities for the first 3 months of 2024 was $5.0 billion, compared with $5.4 billion in the same period a year earlier. It said it used $1.3 billion for share repurchases and $0.9 billion for the ordinary dividend and VROC over the same period.
The company said total liquidity as of March 31, 2024 was $11.6 billion, consisting of cash and cash equivalents of $5.6 billion, short-term investments of $0.5 billion, and available borrowing capacity under its credit facility of $5.5 billion. Total debt was $18.4 billion as of December 31, 2023, compared with $18.9 billion.
Key figures
Quarter ended March 31, 2024
- Revenue
- $12.3B
- Net income
- $2.6B
- EPS
- $2.15
- Operating cash flow
- $5.0B
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis 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.
Q1 2024 Production and Net Income Changes
ConocoPhillips said its Q1 2024 production was 1,902 MBOED, up 110 MBOED from the same period a year earlier. The company said net income fell $369 million, citing lower realized gas and NGL prices and higher DD&A expenses as factors.
Source · Based on the MD&A text of the filing
Q1 Oil and Gas Prices and Average Realized Prices
The company said Brent crude averaged $83.24 per barrel in Q1 2024, WTI averaged $76.96, and Henry Hub averaged $2.25 per MMBTU, down 35% from Q1 a year earlier. Its total average realized price was $56.60 per BOE, lower than $60.86 in Q1 a year earlier.
Source · Based on the MD&A text of the filing
Operating Cash Flow and Shareholder Returns
ConocoPhillips said cash provided by operating activities for the first 3 months of 2024 was $5.0 billion, compared with $5.4 billion in the same period a year earlier. It said it used $1.3 billion for share repurchases and $0.9 billion for the ordinary dividend and VROC over the same period.
Source · Based on the MD&A text of the filing
March 31, 2024 Liquidity and Debt Position
The company said total liquidity as of March 31, 2024 was $11.6 billion, consisting of cash and cash equivalents of $5.6 billion, short-term investments of $0.5 billion, and available borrowing capacity under its credit facility of $5.5 billion. Total debt was $18.4 billion as of December 31, 2023, compared with $18.9 billion.
Source · Based on the MD&A text of the filing
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.
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