ConocoPhillips Reports Mixed Q1 Earnings, Average Realized Price Dips - ConocoPhillips (NYSE:COP)

ConocoPhillips COP reported Q1 2023 adjusted EPS of $2.38, beating the consensus of $2.10.
Revenues of $15.5 billion declined from $19.3 billion a year ago and missed the consensus of $15.75 billion.
Total production was 1,792 thousand barrels of oil equivalent per day (MBOED), an increase of 45 MBOED from the same period a year ago, led by new wells online in the Lower 48 and enhanced portfolio performance.
Lower 48 production averaged 1,036 MBOED in Q1, which includes 694 MBOED from the Permian, 227 MBOED from the Eagle Ford and 98 MBOED from the Bakken assets.
The average realized price declined 21% Y/Y to $60.86 per barrel of oil equivalent (BOE).
Cash provided by operating activities stood at $5.4 billion, and cash from operations came in at $5.7 billion at the end of the quarter.
Repurchases: COP paid $1.7 billion to shareholders through share repurchases.
The company declared a dividend of $0.51 per share, payable on June 1, 2023, to stockholders of record as on May 16, 2023. Also, COP declared a variable return of cash (VROC) of $0.60 per share, payable on July 14, 2023, to stockholders of record as on June 27, 2023.
Outlook: For Q2 2023, production is expected to be 1.77 to 1.81 million MMBOED.
For 2023, COP revised production guidance at the mid-point to 1.78 to 1.80 MMBOED (vs 1.76 to 1.80 MMBOED earlier).
In April, COP disclosed a detailed 10-year operating and financial plan.
"We achieved record production, advanced our joint venture at Port Arthur LNG, received a favorable record of decision for the Willow project in Alaska and announced plans to assume upstream operatorship of and further expand our ownership position at APLNG. We also accelerated our 2030 GHG emissions-intensity reduction target, progressing our net-zero operational emissions ambition," said Ryan Lance, chairman and CEO.
Price Action: COP shares are trading higher by 0.76% at $96.82 premarket on the last check Thursday.

Market News and Data brought to you by Benzinga APIs