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ConocoPhillips Reports Q1 Production Results; Announces Additional Curtailments

ConocoPhillips (COP) reported first quarter production excluding Libya of 1,278 thousand barrels of oil equivalent per day (MBOED), a decrease of 40 MBOED from the same period a year ago. Adjusting for closed and pending dispositions, production
increased 52 MBOED primarily due to growth from the Big 3, as well as development programs in Europe, Asia Pacific and Lower 48.

The company recently announced that it expects to voluntarily curtail production due to weak prices. Voluntary curtailments for the month of May are now estimated to be 265 thousand barrels of oil per day (MBOD) gross, which represents approximately 230 MBOED on a net basis. The company currently estimates voluntary curtailments for the month of June will be 460 MBOD gross, which represents approximately 420 MBOED on a net basis.

Excluding special items, first-quarter adjusted earnings per share was $0.45, compared to $1.00, prior year. On average, 22 analysts polled by Thomson Reuters expected the company to report profit per share of $0.23, for the quarter. Analysts' estimates typically exclude special items.

For the quarter, cash provided by operating activities was $2.1 billion. Excluding a $0.5 billion change in operating working capital, ConocoPhillips generated CFO of $1.6 billion, for the quarter.

ConocoPhillips 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. 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.

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