ConocoPhillips has posted net income of $2.55bn for Q1 2024, down 12.6% compared with $2.92bn in the year-ago period.  

The company attributed the decline in profit to the combined effects of lower prices, elevated costs, and an increase in depreciation, depletion and amortisation expenses, despite the mitigating factors of higher production volumes and investment tax incentives. 

ConocoPhillips’ total revenues and other income for the quarter also saw a downturn, falling to $14.47bn from $15.51bn in the first three months of 2023.  

The company’s total production during the period under review was 1.9 million barrels of oil equivalent per day (mboe/d). 

In the US, the oil and gas major produced 1.04mboe/d across several key regions.  

This included 736,000boepd from the Permian Basin, 197,000boepd from the Eagle Ford Shale and 96,000boepd from the Bakken Formation.  

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The company’s total costs and expenses during the quarter fell from $10.95bn to $10.66bn.  

The company has declared an ordinary dividend of $0.58 per share, which is scheduled to be paid on 3 June 2024 to shareholders recorded by 13 May 2024.  

Looking ahead, ConocoPhillips anticipates its Q2 2024 production to range between 1.91 and 1.95mboe/d. 

ConocoPhillips chairman and CEO Ryan Lance said: “We started the year on a strong note, thanks to another quarter of focused execution on our strategic plan. We remain constructive on the macro environment and are committed to delivering competitive shareholder returns, including at least $9bn in planned return of capital for 2024.”