Exploration and production company ConocoPhillips (NYSE:COP, ETR:YCP) tightened its third-quarter production guidance in today’s second-quarter earnings print.
The Houston-based group now forecasts between 1.87 and 1.91 million barrels of oil equivalent per day (MMBOED), with full-year production of around 1.93 to 1.94 MMBOED, adjusted from prior guidance of 1.91 to 1.95 MMBOED.
Additionally, ConocoPhillips has lowered its full-year guidance for adjusted corporate segment net loss to $0.8 to $0.9 billion, down from prior guidance of $1.0 to $1.1 billion.
The revised guidance follows a second quarter that saw the delivery of 1.945 MMBOED.
Adjusted earnings in the period came to $2.3 billion, or $1.98 per share, up from $2.2 billion, or $1.84 per share in the second quarter of 2023.
“In the second quarter, we continued to deliver on our returns-focused value proposition, achieving record production and advancing our global LNG strategy,” said chairman and chief executive Ryan Lance.
“We announced a 34% increase in our ordinary dividend starting in the fourth quarter and remain committed to returning at least $9 billion of capital for 2024,” he added.
Shares dipped 1.5% in opening exchanges.