HOUSTON (dpa-AFX) - Exploration and production company ConocoPhillips (COP) on Thursday reported higher first quarter earnings above market estimates, with increased production.
Separately, the company announced that Andy O'Brien, currently senior vice president, Strategy, Commercial, Sustainability and Technology, will become chief financial officer, effective June 1.
In the pre-market activity on the NYSE, ConocoPhillips shares were gaining around 1.5 percent to trade at $89.00.
O'Brien succeeds W.L. (Bill) Bullock, executive vice president and chief financial officer, who will retire from ConocoPhillips after 39 years of service. The new CFO will also retain responsibility for Strategy, Commercial and Sustainability.
Bullock began his career with Conoco in 1986. He joined the company's executive leadership team in 2018 and became chief financial officer in 2020.
In its first quarter, ConocoPhillips' earnings were $2.85 billion or $2.23 per share, compared with prior year's earnings of $2.55 billion or $2.15 per share.
Adjusted earnings were $2.68 billion or $2.09 per share, compared with $2.41 billion or $2.03 per share a year ago.
The Wall Street analysts on average expected the company to report earnings of $2.05 per share. Analysts' estimates typically exclude special items.
Production for the first quarter of 2025 was 2.389 million barrels of oil equivalent per day or MMBOED, an increase of 487 MBOED from the same period a year ago.
Further, ConocoPhillips declared a second-quarter ordinary dividend of $0.78 per share payable June 2, to stockholders of record at the close of business on May 19.
Looking ahead for the second quarter, the company expects production to be 2.34 to 2.38 MMBOED.
Capital expenditures guidance for the year is lowered to $12.3 billion to $12.6 billion versus prior guidance of approximately $12.9 billion. Full-year adjusted operating cost guidance is lowered to $10.7 billion to $10.9 billion versus prior guidance of $10.9 to $11.1 billion.
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