ConocoPhillips not only finished its acquisition of Concho Energy in the first quarter 2021 but also had $1 billion in earnings or 75 cents a share compared to the $1.7 billion in losses a year ago.
The company announced that excluding special items, its first-quarter 2021 adjusted earnings were $0.9 billion or 69 cents a share while the first-quarter 2020 adjusted earnings were $0.5 billion or 45 cents a share.
ConocoPhillips also ended the quarter with cash, cash equivalents and restricted cash totaling $3.2 billion and short-term investments of $4.1 billion, equaling $7.3 billion in ending cash and short-term investments.
The company also resumed its share repurchase program at an annualized level of $1.5 billion during the quarter. It distributed $0.6 billion in dividends and repurchased $0.4 billion of shares.
“The first quarter was a momentous one for ConocoPhillips with the closing of the Concho transaction, the better-than-expected pace and progress of integration activities companywide and the safe response to Winter Storm Uri,” said Ryan Lance, ConocoPhillips chairman and chief executive officer.
ConocoPhillips announced a quarterly dividend of 43 cents per share, payable June 1, 2021, to stockholders of record at the close of business on May 14, 2021.
In the Lower 48, production averaged 715 MBOED, including 405 MBOED from the Permian, 187 MBOED from the Eagle Ford and 86 MBOED from the Bakken. Weather-related impacts totaled approximately 50 MBOED throughout the Lower 48 with production fully restored in March.
For the quarter, cash provided by operating activities and CFO was $2.1 billion. CFO included a reduction of approximately $1.0 billion associated with transaction and restructuring expenses and realized losses on the commodity hedging portfolio acquired from Concho. The company has now settled all oil and gas hedging positions acquired from Concho. The company funded $1.2 billion of capital expenditures and investments, paid $0.6 billion in dividends, repurchased $0.4 billion of shares, reported $0.5 billion in net purchases of investments in financial instruments and increased cash by $0.4 billion resulting from the Concho acquisition.
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