ConocoPhillips Q1 EPS Tops Estimates, Cuts Guidance to 2.185–2.215M boe/d
COP•ConocoPhillips reported Q1 adjusted EPS of $1.89 topping $1.64 consensus with $16.054 billion revenue driven by 4% underlying growth in the Lower 48. The company cut full-year production guidance to 2.185–2.215 million boe/d excluding Qatar, declared a $0.84/share dividend and returned $2 billion to shareholders through buybacks and dividends.
1. Q1 Financial Results
ConocoPhillips delivered adjusted EPS of $1.89 on net income of $2.3 billion and revenue of $16.054 billion, surpassing analyst estimates. Operating cash flow reached $5.4 billion, enabling $1 billion in buybacks and $1 billion in dividends, with a second-quarter dividend of $0.84 per share.
2. Production Performance and Guidance
Total production averaged 2.309 million boe/d, down 80 thousand barrels year-over-year and 1% on an adjusted basis excluding acquisitions. The company excluded Qatar from Q2 output due to regional disruptions and set full-year guidance at 2.185–2.215 million boe/d.
3. Operational Strategy and Inventory Positioning
Underlying growth in the Lower 48 rose 4% year-over-year, driven by Delaware, Eagle Ford, Midland and Bakken operations. Management highlighted an unhedged oil and LNG stance capturing price upside and noted 50% completion at the Willow project in Alaska.
