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US multinational ConocoPhillips reported earnings and adjusted earnings of $2.3bn for Q2 2024, an increase from $2.2bn in Q2 2023. 

The company’s operating activities generated cash of $4.9bn, while cash from operations amounted to $5.1bn. 

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ConocoPhillips recorded an ordinary dividend of $0.58 per share and declared a variable cash return of $0.20 per share, with payment scheduled for Q3. 

“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 CEO Ryan Lance. 

ConocoPhillips’ Q2 production rose 4% to 1.95 million barrels of oil equivalent (mboe) per day. Following adjustments for closed acquisitions and dispositions, production saw a 3% increase, equivalent to 60mboe from the same period a year ago. 

“We announced a 34% increase in our ordinary dividend starting in the fourth quarter and remain committed to returning at least $9bn of capital for 2024.” Lance added.  

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The oil and gas company stated that it furthered its global LNG strategy by entering into a long-term regasification agreement at the Zeebrugge LNG terminal in Belgium and a long-term sale agreement for LNG in Asia, with both agreements beginning in 2027. 

ConocoPhillips’ production for Q3 is anticipated to decrease compared with Q2 because of scheduled turnarounds in Canada, the Lower 48, Alaska, Norway, Malaysia and Qatar.  

Texas-based ConocoPhillips is looking to acquire Marathon Oil for $22.5bn, one of the quarter’s largest transactions. The Federal Trade Commission is currently reviewing the deal. 

The merger would create a company that produces 2.26 million barrels of oil and gas per day and increase ConocoPhillips’ proved reserves by 1.32 billion barrels (bbbl) to 6.8bbbl. 

The company anticipates the acquisition will add to earnings, cash flow and shareholder returns.