ConocoPhillips entered into a definitive agreement to acquire Marathon Oil in an all-stock transaction, expected to close in the fourth quarter of 2024, which will add high-quality, low-cost supply and LNG capacity.

ConocoPhillips entered into an 18-year agreement for regasification capacity in Belgium and a long-term LNG sales agreement in Asia, both commencing in 2027.

Second-quarter 2024 production increased by 140 MBOED year-over-year, driven by new wells online and the Surmont acquisition, with total production reaching 1.945 MBOED.

ConocoPhillips returned $1.9 billion to shareholders through share repurchases ($1.0 billion) and dividends ($0.9 billion) in the second quarter of 2024, and increased its quarterly dividend by 34% starting in Q4.

The company reached first production at Eldfisk North in Norway ahead of schedule and achieved significant milestones at Willow in Alaska, demonstrating operational efficiency.

Full-year capital expenditure guidance was updated to approximately $11.5 billion, up from the prior range of $11.0 to $11.5 billion, due to strong progress on Willow and increased Lower 48 partner-operated activity.

The Marathon Oil acquisition is subject to various closing conditions, including regulatory clearances and approval by Marathon Oil stockholders, which may not be obtained or may impose conditions that could adversely affect the company.

The company's earnings and cash flows are highly dependent on commodity prices, which are subject to external factors and volatility, and a prolonged decline in prices could impact financial performance.

The company is subject to evolving environmental regulations and climate change initiatives that may impact business plans, result in significant expenditures, or reduce demand for products.

ConocoPhillips' diverse, low-cost of supply portfolio includes resource-rich unconventional plays in North America, conventional assets, global LNG developments, and oil sands, providing a competitive advantage.

The company's unhedged strategy exposes it to commodity price volatility, which could impact earnings and cash flows, but also allows for upside during periods of higher prices.

The company is focused on maintaining a low cost of supply and low GHG intensity, which positions it well to compete in the energy transition.

Production increases were driven by new wells online and improved performance, demonstrating operational efficiency.

Production and operating expenses increased due to higher lease operating expenses, transportation costs, and well work activities, indicating potential areas for efficiency improvement.

Depreciation, depletion, and amortization expenses increased due to higher rates in Lower 48 and Alaska segments and higher volumes in Canada, highlighting the impact of increased activity on these costs.

The company continues to invest in low-carbon technologies and businesses, which are focused on both conventional and tight oil reservoirs, shale gas, oil sands, enhanced oil recovery, as well as LNG.

The company licenses its proprietary technology, including the Optimized Cascade® process, to customers to maximize the efficiency of LNG plants.

Technology expenses increased due to increased costs in low-carbon and other new technologies and lower licensing revenues.

The company returned $1.9 billion to shareholders through share repurchases and dividends in the second quarter of 2024, and announced a 34% increase in the quarterly dividend starting in Q4.

Capital expenditures and investments totaled $5.9 billion in the first six months of 2024, with over half allocated to flexible, short-cycle unconventional plays in the Lower 48 segment.

The company retired $461 million of debt at maturity and maintained access to a $5.5 billion revolving credit facility, demonstrating a focus on financial stability.

The company has an ambition to become a net-zero company for Scope 1 and 2 emissions by 2050, supported by a Paris-aligned climate risk framework.

The company accelerated its GHG intensity reduction target to 50-60 percent by 2030 from a 2016 baseline, demonstrating a commitment to emissions reduction.

The company advocates for a well-designed, economy-wide price on carbon and supports direct regulation of methane, demonstrating engagement in climate policy.

Oil prices in the second quarter of 2024 were supported by global oil demand growth and continued voluntary production cuts by OPEC Plus members.

Henry Hub natural gas prices decreased due to mild winter weather resulting in excess North American natural gas storage levels.

Realized bitumen prices increased due to strengthening WTI, narrowing WCS differentials with new heavy oil egress via the Trans Mountain pipeline expansion, and an improving sales mix.