Latest news with #Lower48
Globe and Mail
8 hours ago
- Business
- Globe and Mail
Nat-Gas Prices Slip as US Weather Forecasts Moderate
July Nymex natural gas (NGN25) on Wednesday closed down by -0.006 (-0.16%). July nat-gas prices on Wednesday posted modest losses as temperature forecasts moderated across the central and eastern US, which could curb nat-gas demand from electricity providers to run air-conditioning. Forecaster Atmospheric G2 stated on Wednesday that forecasts shifted cooler across the southern half of the US, with a large portion of the central and eastern US expected to be cooler than normal for June 9-13. Nat-gas prices were also under pressure Wednesday on expectations for a larger-than-seasonal build in nat-gas supplies. The consensus is that Thursday's weekly EIA nat-gas inventories will climb by +110 bcf for the week ended May 30, above the five-year average of +98 bcf for this time of year. Lower-48 state dry gas production Wednesday was 103.9 bcf/day (+2.2% y/y), according to BNEF. Lower-48 state gas demand Wednesday was 69.2 bcf/day (-5.6% y/y), according to BNEF. LNG net flows to US LNG export terminals Wednesday were 13.3 bcf/day (-4.9% w/w), according to BNEF. A decline in US electricity output is negative for nat-gas demand from utility providers. The Edison Electric Institute reported Wednesday that total US (lower-48) electricity output in the week ended May 31 fell -1.8% y/y to 76,711 GWh (gigawatt hours), although US electricity output in the 52-week period ending May 31 rose +3.28% y/y to 4,248,428 GWh. Last Thursday's weekly EIA report was bearish for nat-gas prices since nat-gas inventories for the week ended May 23 rose +101 bcf, right on expectations, but above the 5-year average build for this time of year of +98 bcf. As of May 23, nat-gas inventories were down -11.7% y/y and +3.9% above their 5-year seasonal average, signaling adequate nat-gas supplies. In Europe, gas storage was 49% full as of June 2, versus the 5-year seasonal average of 60% full for this time of year. Baker Hughes reported last Friday that the number of active US nat-gas drilling rigs in the week ending May 30 rose +1 to 99 rigs, modestly above the 4-year low of 94 rigs posted on September 6, 2024. Active rigs have fallen since posting a 5-1/2 year high of 166 rigs in Sep 2022, up from the pandemic-era record low of 68 rigs posted in July 2020 (data since 1987).
Yahoo
14-05-2025
- Business
- Yahoo
1Q25 Trend: US Producers Pivot on Market Uncertainty, Cut Capex and Rigs
The words 'volatility' and 'uncertainty' topped most earnings calls as chief executives of the largest U.S. producers reported on their first-quarter performance and tempered expectations for the rest of 2025. Most said they have calibrated for an unknown depth and duration of the macro environment, which has taken a downward swing amid President Donald Trump's tariff negotiations and whiplash implementation, as well as the OPEC+ decision to add barrels to the market earlier than planned. Going forward, the second-quarter rig count may be flat to down by 25 rigs, according to TPH estimates based on driller guidance during the reporting period. Given that the Baker Hughes rig count has dropped by 11 since late March, TPH analysts said they are 'biased to the lower end of the range.' Nabors CEO Tony Petrello told investors during an earnings conference call that smaller operators are adding rigs while larger operators are reducing them. The drilling company surveyed its largest Lower 48 industry clients—covering 14 operators that account for roughly 48% of the region's working rig count at the end of the first quarter—and found that the group expects to reduce its rig count by 4% through the end of this year for a total 2025 rig reduction of 7%. 'Over the last couple of months, we have seen the impact of these customer plans, but we have managed to replace this drop in activity with a number of contracts,' Petrello said. 'We expect this trend to continue.' EOG Resources is reducing its capex at its guided midpoint by $200 million while still delivering roughly 2% year-over-year growth, chairman and CEO Ezra Yacob told investors during first-quarter reporting. The $200 million cut further pares its already reduced 2025 iron and pressure-pumping plan, resulting in a total of 80 fewer net completions and three fewer rigs than in 2024 in the oily Delaware Basin, Eagle Ford Shale core and Powder River Basin. 'We have plenty of activity there' already, COO Jeff Leitzell said in a May 2 earnings call. 'They're kind of finely oiled machines, I would say.' Capital discipline at EOG means more than just focusing on high-return assets, Yacob said. 'It's about being agile and responsive to the broader macro environment. We remain constructive on both oil and gas playing a significant role in the long-term need for reliable low-cost energy,' he said. 'The near-term, however, is reflecting speculation on oil demand impacts associated with tariff announcements, which has softened prices. We expect to see a return to market fundamentals and pricing firming up as more transparency is applied to the tariffs and negotiation turns to implementation.' At $65 WTI and $3.75 Henry Hub, the company expects to generate $4 billion in free cash flow, said CFO Ann Janssen. 'We can fund our $6 billion capex program this year as well as the regular dividend at WTI oil prices averaging in the low-50s. We remain committed to optimizing our balance sheet and reaffirm our targets of $5 billion to $6 billion in cash and total debt to EBITDA [earnings before interest, taxes, depreciation and amortization] at less than 1 times at bottom cycle prices of $45 WTI.' During ConocoPhillips' earnings call, CEO Ryan Lance noted the current environment is 'marked by both uncertainty and volatility,' and that the ultimate depth and duration of the price environment is unclear. But 'ConocoPhillips is built for this with clear competitive advantages,' he said. 'We have a deep durable and diverse portfolio. We have decades of inventory below our $40 per barrel WTI cost of supply threshold, both in the U.S. and internationally,' Lance said. 'And our advantaged U.S. inventory position in particular should become increasingly evident as the market sorts through the inventory haves and have-nots in the current environment. We believe we are the clear leader of the haves.' The company's integration of Marathon Oil is ahead of schedule, Lance said, and the company is reducing some $500 million from its capital plan and showing a $200 million reduction in operating cost, while maintaining production guidance. 'We have flexibility in our capital program we could exercise should conditions warrant. We've been here before and we know how to manage through a more challenging environment,' Lance said. Tom Jorden, Coterra Energy CEO, said the company will drop three of its 10 rigs in the Permian Basin, and Coterra is 'prepared for this to last a while' as OPEC+ is planning to add another 800,000 bbl/d to the market as fear of a global recession builds. 'We were built for this. Coterra is an ark, not a party boat,' Tom Jorden, chairman, president and CEO, said during the May report, referencing a 'pristine balance sheet' and the E&P's $2.1 billion of 2025 estimated free cash flow at $60 oil and $4 gas. A further drop in prices below $50/bbl would be the tipping point where Coterra might cut drilling and completions activity further, Jorden said. Coterra is already 'concerned that oil prices could further weaken,' he added. 'I hope we're wrong on that. But our experience tells us that, when you see these events and you see the possibility, be prepared for the worst-case scenario.' If WTI were $50, 'the returns are not bad. I mean, they're certainly better than if we rewind to not too many years ago with anything we were experiencing' with $20 oil and unwanted tankers full of LNG during COVID-19. 'But we're making these steps because we're concerned about future weakening in oil prices,' he said. The current macroeconomic view is 'challenging at best,' said Diamondback Energy CEO Travis Stice during first-quarter reporting. Pointing to macro uncertainty and the OPEC+ plan to increase volume, he said the industry is still looking at headwinds. 'What we tried to put together was a response to those kind of macro conditions,' he said. As such, Diamondback is cutting $400 million, three drilling rigs and one frac spread. The intent is 'to maximize the capex reduction while minimizing volume impact. 'And at the same token, provide us a runway for maximum flexibilities to respond in either direction in the future quarters as this evolving supply demand imbalance works its way through the system.' Hitting the brakes on spending will probably reduce net production by 20,000 bbl/d. That will put second-quarter guidance close to 495,000 bbl/d and the third quarter to 485,000 bbl/d, Stice said. Stice sent shockwaves through the industry with his letter to shareholders released the evening prior to the company's May 6 earnings call. He anticipated that onshore oil rigs will decline by 10% by the end of the second quarter and continue to decline well into the third. 'As a result of these activity cuts, it is likely that U.S. onshore oil production has peaked and will begin to decline this quarter,' he wrote. 'This will have a meaningful impact on our industry and our country.' Meanwhile, Chord Energy is going long in the Bakken. Chord Chief Commercial Officer Darrin Henke said the producer is encouraged by its first three 4-mile middle Bakken wells, the first of which began production in the first quarter. The first 4-mile Bakken well was spud in late 2024 and completed in February. Chord reached a total depth exceeding 30,400 ft, vertical and lateral combined, while cleaning out frac plugs. 'The clean-out was executed in only one run and was much faster than we originally expected, leading to a total well cost approximately $1 million below the original budget,' Henke said during a May 7 first-quarter earnings call. CEO Danny Brown said the firm will maintain 'substantial operational and financial flexibility to moderate activity and maintain an efficient returns focused program with strong free cash generation. 'We are all keenly aware that the pricing outlook has deteriorated and volatility has increased since we entered the year, and Chord is in the enviable position to navigate this type of environment.' Chord has one of the lowest base decline rates of its peers, Brown said, and no material drilling obligations on its acreage, which is largely held by production. The firm is reducing its activity from five rigs and two frac crews to four rigs and one frac crew. Both original and current guidance reflects the return of the second frac crew during the fourth quarter. 'This allows us to monitor the macro environment at a lower activity pace and gives us the option to either bring back this second frac crew or just keep one frac spread through the end of '25 and into 2026,' he said. The company is also cutting its full-year capital spending plan by $30 million, Brown said. The reduction reflects program efficiencies 'and does not currently contemplate any reductions to activity until the third quarter to make the final call.' At Occidental Petroleum, CEO Vicki Hollub said the company's cash flow priorities aim to position Oxy for long-term success. 'Debt reduction remains a key focus, and we are committed to strengthening our financial position to support a more meaningful return of capital to common shareholders across the commodity cycles,' Hollub told investors during a conference call. Year-to-date, Oxy has retired $2.3 billion in debt; during the last 10 months, the company has repaid a total of $6.8 billion. 'All 2025 maturities have been retired, providing us with a more comfortable runway over the next 14 months,' she said. Hollub also noted the improvements generated by enhanced well designs and execution. In the Permian, Oxy has seen a 15% improvement in drilling duration from last year, which has reduced costs more than 10%, Hollub said. The efficiency allowed Oxy to drop two rigs from its Delaware drilling program this year, while planning to bring more wells online with slightly increased production. The reduction, in conjunction with timing optimizations across Oxy's portfolio, have allowed the company to reduce capex for the year by $200 million. 'We are closely monitoring the evolving macro backdrop and remain ready to take additional action if needed. We believe the diversity of our portfolio and flexibility of our development programs position us well to respond quickly to changing conditions,' Hollub said. 'If commodity prices weaken meaningfully, we are prepared to scale back activity and manage cost prudently, preserving value through the cycle just as we did in 2020.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
08-05-2025
- Business
- Globe and Mail
Nat-Gas Prices Fall as Weekly Inventories Rise More Than Expected
June Nymex natural gas (NGM25) on Thursday closed down by -0.029 (-0.80%). June nat-gas prices on Thursday gave up an early advance and posted moderate losses after weekly nat-gas inventories rose more than expected. The EIA reported Thursday that nat-gas inventories for the week ended May 2 rose +104 bcf, above expectations of +101 bcf. Nat-gas prices Thursday initially moved higher on forecasts for above-average US temperatures, which could boost nat-gas demand from electricity providers to power increased air-conditioning usage. said Thursday that forecasts shifted hotter for the southern and southeastern regions of the US for May 14-19, with highs in the 90s. Last month, nat-has prices tumbled to a 5-1/2 month nearest-futures low as the warm US spring weather dampened heating demand for nat-gas and allowed supplies to rebuild. NatGasWeather said last Wednesday that near-normal weather across the US through May 14 will keep demand for nat-gas light, allowing inventories to climb even more. In March, nat-gas rallied to a 2-year high on signs that US nat-gas storage levels could remain tight ahead of the summer air-conditioning season. BloombergNEF projects that US gas storage will be 10% below the five-year average this summer. Lower-48 state dry gas production Thursday was 104.6 bcf/day (+5.1% y/y), according to BNEF. Lower-48 state gas demand Thursday was 66.2 bcf/day (-7.4% y/y), according to BNEF. LNG net flows to US LNG export terminals Thursday were 14.7 bcf/day (-2.9% w/w), according to BNEF. An increase in US electricity output is positive for nat-gas demand from utility providers. The Edison Electric Institute reported Wednesday that total US (lower-48) electricity output in the week ended May 3 rose +1.2% y/y to 74,373 GWh (gigawatt hours), and US electricity output in the 52-week period ending May 3 rose +3.7% y/y to 4,253,707 GWh. Thursday's weekly EIA report was bearish for nat-gas prices since nat-gas inventories for the week ended May 2 rose +104 bcf, above expectations of +101 bcf and well above the 5-year average build for this time of year of +79 bcf. As of May 2, nat-gas inventories were down -16.5% y/y and +1.4% above their 5-year seasonal average, signaling adequate nat-gas supplies. In Europe, gas storage was 41% full as of May 5, versus the 5-year seasonal average of 51% full for this time of year. Baker Hughes reported last Friday that the number of active US nat-gas drilling rigs in the week ending May 2 rose +2 to 101 rigs, modestly above the 4-year low of 94 rigs posted on September 6, 2024. Active rigs have fallen since posting a 5-1/2 year high of 166 rigs in Sep 2022, up from the pandemic-era record low of 68 rigs posted in July 2020 (data since 1987).
Business Wire
08-05-2025
- Business
- Business Wire
ConocoPhillips announces first-quarter 2025 results and quarterly dividend
HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) today reported first-quarter 2025 earnings of $2.8 billion, or $2.23 per share, compared with first-quarter 2024 earnings of $2.6 billion, or $2.15 per share. Excluding special items, first-quarter 2025 adjusted earnings were $2.7 billion, or $2.09 per share, compared with first-quarter 2024 adjusted earnings of $2.4 billion, or $2.03 per share. Special items for the quarter were primarily related to a gain on asset sales and the impact from the settlement of a contingent matter. 'ConocoPhillips continued to demonstrate strong execution in the first quarter, and we reduced our full-year capital and operating cost guidance,' said Ryan Lance, chairman and chief executive officer. 'Amid a volatile macro environment, we remain confident in the competitive advantages provided by our differentiated portfolio, strong balance sheet and disciplined capital allocation framework that prioritizes returns on and of capital to shareholders.' First-quarter highlights and recent announcements Delivered total company and Lower 48 production of 2,389 thousand barrels of oil equivalent per day (MBOED) and 1,462 MBOED, respectively. Achieved record Eagle Ford drilling performance from leveraging combined best practices. Completed the largest winter construction season at Willow and achieved critical milestones. Completed $1.3 billion of noncore Lower 48 asset sales, including $0.6 billion during the quarter and $0.7 billion in May with the close of Ursa and associated assets. Distributed $2.5 billion to shareholders, including $1.5 billion through share repurchases and $1.0 billion through the ordinary dividend. Retired $0.5 billion of debt at maturity. Ended the quarter with cash and short-term investments of $7.5 billion and long-term investments of $1.0 billion. Quarterly dividend ConocoPhillips declared a second-quarter ordinary dividend of $0.78 per share payable June 2, 2025, to stockholders of record at the close of business on May 19, 2025. First-quarter review Production for the first quarter of 2025 was 2,389 MBOED, an increase of 487 MBOED from the same period a year ago. After adjusting for closed acquisitions and dispositions, first-quarter 2025 production increased 115 MBOED or 5% from the same period a year ago. Lower 48 delivered production of 1,462 MBOED, including 816 MBOED from the Permian, 379 MBOED from the Eagle Ford and 212 MBOED from the Bakken. Earnings and adjusted earnings increased from the first quarter of 2024, primarily driven by higher volumes and partially offset by increased depreciation, depletion and amortization and operating costs, as well as lower prices. The company's total average realized price was $53.34 per BOE, 6% lower than the $56.60 per BOE realized in the first quarter of 2024. For the quarter, cash provided by operating activities was $6.1 billion. Excluding a $0.6 billion change in operating working capital, ConocoPhillips generated CFO of $5.5 billion. In addition, ConocoPhillips realized a change in investing working capital of $0.8 billion and received $0.6 billion of disposition proceeds from the sale of noncore Lower 48 assets. The company funded $3.4 billion of capital expenditures and investments, repurchased $1.5 billion of shares, paid $1.0 billion in ordinary dividends and retired debt of $0.5 billion at maturity. Outlook Second-quarter 2025 production is expected to be 2.34 to 2.38 million barrels of oil equivalent per day (MMBOED). Full-year capital expenditures guidance is lowered to $12.3 to $12.6 billion versus prior guidance of approximately $12.9 billion. Full-year adjusted operating cost guidance is lowered to $10.7 to $10.9 billion versus prior guidance of $10.9 to $11.1 billion. All other guidance remains unchanged. Guidance includes the impact from closed dispositions. ConocoPhillips will host a conference call today at 12:00 p.m. Eastern time to discuss this announcement. To listen to the call and view related presentation materials and supplemental information, go to A recording and transcript of the call will be posted afterward. --- # # # --- About ConocoPhillips As a leading global exploration and production company, ConocoPhillips is uniquely equipped to deliver reliable, responsibly produced oil and gas. Our deep, durable and diverse portfolio is built to meet growing global energy demands. Together with our high-performing operations and continuously advancing technology, we are well positioned to deliver strong, consistent financial results, now and for decades to come. Visit us at This news release contains forward-looking statements as defined under the federal securities laws. Forward-looking statements relate to future events, including, without limitation, statements regarding our future financial position, business strategy, budgets, projected revenues, costs and plans, objectives of management for future operations, the anticipated benefits of our acquisition of Marathon Oil Corporation (Marathon Oil), the anticipated impact of our acquisition of Marathon Oil on the combined company's business and future financial and operating results and the expected amount and timing of synergies from our acquisition of Marathon Oil and other aspects of our operations or operating results. Words and phrases such as 'ambition,' 'anticipate,' 'believe,' 'budget,' 'continue,' 'could,' 'effort,' 'estimate,' 'expect,' 'forecast,' 'goal,' 'guidance,' 'intend,' 'may,' 'objective,' 'outlook,' 'plan,' 'potential,' 'predict,' 'projection,' 'seek,' 'should,' 'target,' 'will,' 'would,' and other similar words can be used to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond our control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. Factors that could cause actual results or events to differ materially from what is presented include, but are not limited to, the following: effects of volatile commodity prices, including prolonged periods of low commodity prices, which may adversely impact our operating results and our ability to execute on our strategy and could result in recognition of impairment charges on our long-lived assets, leaseholds and nonconsolidated equity investments; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including changes as a result of any ongoing military conflict and the global response to such conflict, security threats on facilities and infrastructure, global health crises, the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries or the resulting company or third-party actions in response to such changes; the potential for insufficient liquidity or other factors, such as those described herein, that could impact our ability to repurchase shares and declare and pay dividends, whether fixed or variable; potential failures or delays in achieving expected reserve or production levels from existing and future oil and gas developments, including due to operating hazards, drilling risks and the inherent uncertainties in predicting reserves and reservoir performance; reductions in our reserve replacement rates, whether as a result of significant declines in commodity prices or otherwise; unsuccessful exploratory drilling activities or the inability to obtain access to exploratory acreage; failure to progress or complete announced and future development plans related to constructing, modifying or operating related to constructing, modifying or operating E&P and LNG facilities, or unexpected changes in costs, inflationary pressures or technical equipment related to such plans; significant operational or investment changes imposed by legislative and regulatory initiatives and international agreements addressing environmental concerns, including initiatives addressing the impact of global climate change, such as limiting or reducing GHG emissions, regulations concerning hydraulic fracturing, methane emissions, flaring or water disposal and prohibitions on commodity exports; broader societal attention to and efforts to address climate change may cause substantial investment in and increased adoption of competing or alternative energy sources; risks, uncertainties and high costs that may prevent us from successfully executing on our Climate Risk Strategy; lack or inadequacy of, or disruptions in reliable transportation for our crude oil, bitumen, natural gas, LNG and NGLs; inability to timely obtain or maintain permits, including those necessary for construction, drilling and/or development, or inability to make capital expenditures required to maintain compliance with any necessary permits or applicable laws or regulations; potential disruption or interruption of our operations and any resulting consequences due to accidents, extraordinary weather events, supply chain disruptions, civil unrest, political events, war, terrorism, cybersecurity threats or information technology failures, constraints or disruptions; liability for remedial actions, including removal and reclamation obligations, under existing or future environmental regulations and litigation; liability resulting from pending or future litigation or our failure to comply with applicable laws and regulations; general domestic and international economic, political and diplomatic developments, including deterioration of international trade relationships, the imposition of trade restrictions or tariffs relating to commodities and material or products (such as aluminum and steel) used in the operation of our business, expropriation of assets, changes in governmental policies relating to commodity pricing, including the imposition of price caps, sanctions or other adverse regulations or taxation policies; competition and consolidation in the oil and gas E&P industry, including competition for sources of supply, services, personnel and equipment; any limitations on our access to capital or increase in our cost of capital or insurance, including as a result of illiquidity, changes or uncertainty in domestic or international financial markets, foreign currency exchange rate fluctuations or investment sentiment; challenges or delays to our execution of, or successful implementation of the acquisition of Marathon Oil or any future asset dispositions or acquisitions we elect to pursue; potential disruption of our operations, including the diversion of management time and attention; our inability to realize anticipated cost savings or capital expenditure reductions; difficulties integrating acquired businesses and technologies; or other unanticipated changes; our inability to deploy the net proceeds from any asset dispositions that are pending or that we elect to undertake in the future in the manner and timeframe we anticipate, if at all; the operation, financing and management of risks of our joint ventures; the ability of our customers and other contractual counterparties to satisfy their obligations to us, including our ability to collect payments when due from the government of Venezuela or PDVSA; uncertainty as to the long-term value of our common stock; and other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, ConocoPhillips expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. We may use the term 'resource' in this news release that the SEC's guidelines prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the oil and gas disclosures in our Form 10-K and other reports and filings with the SEC. Copies are available from the SEC and from the ConocoPhillips website. Use of Non-GAAP Financial Information – To supplement the presentation of the company's financial results prepared in accordance with U.S. generally accepted accounting principles (GAAP), this news release and the accompanying supplemental financial information contain certain financial measures that are not prepared in accordance with GAAP, including adjusted earnings (calculated on a consolidated and on a segment-level basis), adjusted earnings per share (EPS), adjusted operating costs and cash from operations (CFO). The company believes that the non-GAAP measure adjusted earnings (both on an aggregate and a per-share basis) is useful to investors to help facilitate comparisons of the company's operating performance associated with the company's core business operations across periods on a consistent basis and with the performance and cost structures of peer companies by excluding items that do not directly relate to the company's core business operations. Adjusted earnings is defined as earnings removing the impact of special items. Adjusted EPS is a measure of the company's diluted net earnings per share excluding special items. Adjusted operating costs is defined as the sum of production and operating expenses and selling, general and administrative expenses, adjusted to exclude expenses that do not directly relate to the company's core business operations and are included as adjustments to arrive at adjusted earnings to the extent those adjustments impact operating costs. The company further believes that the non-GAAP measure CFO is useful to investors to help understand changes in cash provided by operating activities excluding the timing effects associated with operating working capital changes across periods on a consistent basis and with the performance of peer companies. The company believes that the above-mentioned non-GAAP measures, when viewed in combination with the company's results prepared in accordance with GAAP, provides a more complete understanding of the factors and trends affecting the company's business and performance. The company's Board of Directors and management also use these non-GAAP measures to analyze the company's operating performance across periods when overseeing and managing the company's business. Each of the non-GAAP measures included in this news release and the accompanying supplemental financial information has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the company's results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the company's presentation of non-GAAP measures in this news release and the accompanying supplemental financial information may not be comparable to similarly titled measures disclosed by other companies, including companies in our industry. The company may also change the calculation of any of the non-GAAP measures included in this news release and the accompanying supplemental financial information from time to time in light of its then existing operations to include other adjustments that may impact its operations. Reconciliations of each non-GAAP measure presented in this news release to the most directly comparable financial measure calculated in accordance with GAAP are included in the release. Other Terms – This news release also contains the term pro forma underlying production. Pro forma underlying production reflects the impact of closed acquisitions and closed dispositions as of March 31, 2025. The impact of closed acquisitions and dispositions assumes a closing date of January 1, 2024. The company believes that underlying production is useful to investors to compare production reflecting the impact of closed acquisitions and dispositions on a consistent go-forward basis across periods and with peer companies. Return of capital is defined as the total of the ordinary dividend and share repurchases. References in the release to earnings refer to net income. ConocoPhillips Table 3: Reconciliation of reported production to pro forma underlying production MBOED, except as indicated 1Q25 1Q24 Total reported ConocoPhillips production 2,389 1,902 Closed Dispositions 1 (15 ) (18 ) Closed Acquisitions 2 — 375 Total pro forma underlying production 2,374 2,259 1 Includes production related to various Lower 48 noncore dispositions but excludes dispositions not yet closed as of 3/31/2025 (Ursa and related assets). 2 Includes production related to the acquisition of Marathon Oil and additional working interest in Alaska, both closing in 4Q24. Expand ConocoPhillips Table 4: Reconciliation of production and operating expenses to adjusted operating costs $ millions, except as indicated 1Q25 2025 Full Year Guidance ($B) Production and operating expenses $ 2,506 10.1 - 10.4 Selling, general and administrative (G&A) expenses 191 0.7 - 0.8 Operating Costs 2,697 10.8 - 11.2 Adjustments to exclude special items: Transaction and integration expenses (53 ) (0.1) - (0.3) Adjusted operating costs $ 2,644 10.7 - 10.9 Expand
Washington Post
07-05-2025
- Climate
- Washington Post
Relentless severe weather could pause for a week. Here's when it returns.
After weeks of relentless severe weather, it's going to be weirdly calm in parts of the United States and particularly in the central region — at least for now. Through Friday, there's just a marginal risk of severe weather — a level 1 out of 5 on the Storm Prediction Center's scale. It's a pause that comes during what's typically the busiest month by far for severe weather — an average of nearly 300 tornadoes will tear across the Lower 48 each May — and follows recent repeated rounds of thunderstorms and flooding rainstorms in the region.
