HOUSTON (dpa-AFX) - ConocoPhillips (COP) reported first-quarter net income
of $2.6 billion, or $2.15 per share, compared with $2.9 billion, or $2.38 per
share, last year. Excluding special items, first-quarter adjusted net income
were $2.4 billion, or $2.03 per share, compared with $2.9 billion, or $2.38 per
share. On average, 22 analysts polled by Thomson Reuters expected the company to
report profit per share of $2.04, for the quarter. Analysts' estimates typically
exclude special items. The company said its first quarter earnings decreased
from last year primarily due to impacts from lower prices, higher costs, and
higher depreciation, depletion and amortization, partially offset by increased
volumes and a benefit from the investment tax incentive special item.

First quarter sales and other operating revenues declined to $13.85 billion from
$14.81 billion, previous year. Total revenues and other income declined to
$14.48 billion from $15.52 billion, prior year. Analysts on average had
estimated $15.05 billion in revenue.

Production for the first quarter was 1,902 MBOED, an increase of 110 MBOED from
the same period a year ago. After adjusting for closed acquisitions and
dispositions, first-quarter production increased 43 MBOED or 2% from the same
period a year ago.

ConocoPhillips expects second-quarter production to be 1.91 to 1.95 million
barrels of oil equivalent per day. The company stated that all full-year
guidance items remain unchanged.

ConocoPhillips declared an ordinary dividend of $0.58 per share and a VROC of
$0.20 per share, payable June 3, 2024, to stockholders of record at the close of
business on May 13, 2024.

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