ConocoPhillips reported a first-quarter 2020 loss of $1.7 billion, or ($1.60) per share, compared with first-quarter 2019 earnings of $1.8 billion, or $1.60 per share.
Excluding special items, first-quarter 2020 adjusted earnings were $0.5 billion, or $0.45 per share, compared with first-quarter 2019 adjusted earnings of $1.1 billion, or $1.00 per share. Special items for the current quarter were primarily driven by an unrealized loss on Cenovus Energy equity and price-driven non-cash impairments.
The company also announced a quarterly dividend of 42 cents per share, payable June 1, 2020, to stockholders of record at the close of business on May 11, 2020.
ConocoPhillips joined other majors in reducing its flow of crude oil. Voluntary curtailments for the month of May are now estimated to be 265 thousand barrels of oil per day (MBOD) gross, comprised of 165 MBOD gross in the Lower 48 and 100 MBOD gross at Surmont. This represents approximately 230 MBOED on a net basis.
The company currently estimates voluntary curtailments for the month of June will be 460 MBOD gross, comprised of 260 MBOD gross in the Lower 48, 100 MBOD gross at Surmont and 100 MBOD gross in Alaska. This represents approximately 420 MBOED on a net basis.
Cash provided by operating activities was $2.1 billion. Excluding working capital, cash from operations (CFO) was $1.6 billion.
- Ended the quarter with cash, cash equivalents and restricted cash totaling $4.2 billion and short-term investments of $3.9 billion, equaling more than $8.0 billion in ending cash and short-term investments.
- Ended the quarter with approximately $14 billion of liquidity, including $6 billion of available revolving credit facility.
- Repurchased $0.7 billion of shares and paid $0.5 billion in dividends.
- Achieved first-quarter production, excluding Libya, of 1,278 MBOED.
- Produced 399 MBOED from the Lower 48 Big 3 unconventionals.
- Started up first Montney pad and infrastructure.
- Generated $0.5 billion in disposition proceeds from Lower 48 non-core asset sales.
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