The earnings call highlighted strong operational performance, increased shareholder returns, and successful integration synergies from the Marathon Oil acquisition, despite some challenges with commodity price volatility and gas realizations. Overall, the company demonstrated robust financial health and strategic progress.

Company Guidance

During the third quarter 2024 earnings call, ConocoPhillips provided guidance on several key metrics. The company exceeded its production guidance, reaching 1,917,000 barrels of oil equivalent per day, representing a 3% growth year-over-year despite an 85,000 barrels per day impact from turnarounds. For the fourth quarter, production is expected to range between 1.99 million to 2.03 million barrels per day. The full-year production outlook increased to 1.94 million to 1.95 million barrels per day. Capital expenditures for the third quarter were $2.9 billion, with plans for fourth-quarter share repurchases approaching $2 billion. The company remains on track to distribute at least $9 billion to shareholders in 2024. ConocoPhillips also increased its share repurchase authorization by $20 billion and expects full-year APLNG distributions of $1.5 billion. The anticipated acquisition of Marathon Oil is expected to deliver at least $500 million in synergies, with plans to double this through capital optimization. For 2025, the company aims for a pro forma CapEx of less than $13 billion and anticipates low single-digit growth rates.

Exceeding Production Guidance

ConocoPhillips exceeded the high end of their production guidance for Q3 and raised their full-year production outlook, driven largely by Lower 48 performance.

Increased Shareholder Returns

The company is on track to distribute at least $9 billion to shareholders this year and increased its share repurchase authorization by up to $20 billion, planning nearly $2 billion in Q4 buybacks.

Doubling of Synergies from Marathon Oil Acquisition

ConocoPhillips expects to double the initial $500 million synergy target from the Marathon Oil acquisition, driven by capital optimization and operational efficiencies.

Record Production in Lower 48

Lower 48 achieved record production of 1,147,000 barrels of oil equivalent per day, representing 6% underlying growth year-over-year.

Financial Performance

Generated $1.78 per share in adjusted earnings for Q3, with a CFO of over $4.7 billion, including over $400 million of APLNG distributions.

Dividend Growth

The ordinary dividend was increased by 34%, maintaining a top quartile growth rate relative to the S&P 500.

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Conocophillips (COP) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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COP Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jan 30, 2025	2024 (Q4)	1.79 / -	2.4	―	―	―
Oct 31, 2024	2024 (Q3)	1.67 / 1.78	2.16	-17.59% (-0.38)
Aug 01, 2024	2024 (Q2)	1.96 / 1.98	1.84	7.61% (+0.14)
May 02, 2024	2024 (Q1)	2.04 / 2.03	2.38	-14.71% (-0.35)
Feb 08, 2024	2023 (Q4)	2.09 / 2.40	2.71	-11.44% (-0.31)
Nov 02, 2023	2023 (Q3)	2.12 / 2.16	3.6	-40.00% (-1.44)
Aug 03, 2023	2023 (Q2)	1.93 / 1.84	3.91	-52.94% (-2.07)
May 04, 2023	2023 (Q1)	2.06 / 2.38	3.27	-27.22% (-0.89)
Feb 02, 2023	2022 (Q4)	2.72 / 2.71	2.27	19.38% (+0.44)
Nov 03, 2022	2022 (Q3)	3.41 / 3.60	1.77	103.39% (+1.83)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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COP Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 31, 2024	$102.26	$108.78	+6.38%
Aug 01, 2024	$109.64	$106.86	-2.54%
May 02, 2024	$121.82	$119.77	-1.68%
Feb 08, 2024	$109.26	$110.80	+1.41%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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