ConocoPhillips Reports Record Production, Says $22.5B Marathon Deal on Track

ConocoPhillips (COP) connected Thursday reported second-quarter results beneath analysts' expectations and narrowed its full-year accumulation outlook.

The power elephantine said higher mean prices helped it grounds a astir 10% year-over-year revenue bump to $14.14 billion, while analysts had projected $14.6 billion, according to statement estimates compiled by Visible Alpha. Net income roseate 4% to $2.33 billion, beneath estimates of $2.36 billion.

Production Reached Record Levels successful Q2

ConocoPhillips Chief Executive Officer (CEO) Ryan Lance said nan institution achieved record levels of production successful nan 4th astatine 1.95 cardinal barrels of lipid balanced per day, 140,000 barrels per time much than past year.

The institution narrowed its full-year mean accumulation scope to 1.93 cardinal to 1.94 cardinal barrels per time from its anterior outlook of 1.91 cardinal to 1.95 cardinal barrels per day.

ConocoPhillips Says Marathon Acquisition Still connected Track

Lance besides said that nan company's $22.5 cardinal acquisition of Marathon Oil (MRO), which was announced successful May, is connected way to beryllium completed precocious successful nan 4th fourth of fiscal 2024.

However, nan companies precocious received a 2nd petition for accusation connected nan transaction from nan Federal Trade Commission (FTC), suggesting nan agency is considering whether nan woody would beryllium anti-competitive.

ConocoPhillips shares fell 1.5% to $109.52 arsenic of 10:45 a.m. ET Thursday and are down astir 6% successful 2024.