ConocoPhillips reported first-quarter 2022 earnings of$5.8 billion, or $4.39 per share, compared with first-quarter 2021 earnings of $1.0 billion, or $0.75 per share.
Adjusted earnings for the first quarter of 2022 were $4.3 billion, or $3.27 per share. As compared to $0.9 billion in adjusted earnings, or $0.69 per share, in the first quarter of 2021. The current quarter’s special items include a tax benefit related to the closure of an audit, a gain associated with the Indonesia divestiture, and a gain on Cenovus Energy (CVE) equity.
Furthermore, ConocoPhillips increased its expected return of capital to $10 billion in 2022 by $2 billion. A 46 cent ordinary dividend was declared along with a 70 cent variable return of cash (VROC) payment for the third quarter.
“The first quarter saw all aspects of the business running well as we continued to deliver on our strategic, financial, and operational plans,” said Ryan Lance, chairman and chief executive officer.”
Their capital scope has been efficiently and safely delivered, their balance sheet strength has been enhanced, and they have closed strategic transactions that further optimize Conocophilips’ diverse, low-cost supply portfolio. As they continue to execute on their Triple Mandate, they have also increased their targeted returns to shareholders by an additional 25% to $10 billion.