ConocoPhillips (NYSE:COP) released its Q1 earnings on Thursday, which came in slightly below analyst expectations. The oil and gas company reported earnings per share (EPS) of $2.03, missing the consensus estimate of $2.08. As a result, the stock fell nearly 2% intra-day today.
The company reported an adjusted net income of $2.41 billion for the quarter, just above the expected $2.39 billion. However, its cash flow from operations fell slightly short of expectations, totaling $4.99 billion compared to the forecast of $5.05 billion. Production during the quarter was 1.902 million barrels of oil equivalent per day (mboed).
Looking ahead to the second quarter of 2024, ConocoPhillips expects production levels between 1.91 and 1.95 million barrels of oil equivalent per day.
Additionally, ConocoPhillips announced an ordinary dividend of $0.58 per share and a variable return of capital (VROC) dividend of $0.20 per share.