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Morningstar's ConocoPhillips Stock Analysis

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ConocoPhillips Increases Shareholder Returns Further After Q1 Earnings Soar

Allen Good, CFA Sector Strategist

Analyst Note

| Allen Good, CFA |

ConocoPhillips continued to benefit from higher oil and gas prices and greater volumes during the first quarter. Adjusted earnings soared to $4.3 billion compared with $0.9 billion a year earlier. Given the strong performance, management increased shareholder returns 25% or $2 billion for the full year to $10 billion (7.5% of market capitalization). It already returned $2.3 billion during the first quarter through the regular dividend, variable return of cash, and repurchases. We plan to incorporate the latest guidance and results into our model, which along with an updated price deck will result in a fair value estimate increase. Our narrow moat rating is unchanged.

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ConocoPhillips's Company Profile

Business Description

ConocoPhillips is a U.S.-based independent exploration and production firm. In 2021, it produced 1.0 million barrels per day of oil and natural gas liquids and 3.2 billion cubic feet per day of natural gas, primarily from Alaska and the Lower 48 in the United States and Norway in Europe and several countries in Asia-Pacific and the Middle East. Proven reserves at year-end 2021 were 6.1 billion barrels of oil equivalent.

925 North Eldridge Parkway
Houston, TX, 77079
T +1 281 293-1000
Sector Energy
Industry Oil & Gas E&P
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 9,400

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