ConocoPhillips reported its financial results for the third quarter and the first nine months of 2024, showing a decline in net income and total revenues compared to the same periods in 2023. For the three months ended September 30, 2024, net income was $2,059 million, down from $2,798 million in the prior year. Similarly, net income for the nine months ended September 30, 2024, decreased to $6,939 million from $7,950 million in 2023.
Total revenues for the third quarter of 2024 were $13,041 million, a decrease from $14,250 million in 2023. For the nine-month period, total revenues fell to $40,509 million compared to $41,412 million in the previous year. Despite the drop in revenues, total costs and expenses for the third quarter decreased to $10,369 million from $10,766 million in 2023. However, for the nine months, total costs and expenses increased slightly to $31,514 million from $31,243 million in 2023.
Cash provided by operating activities for the nine months ended September 30, 2024, rose to $15,667 million, up from $14,702 million in 2023. In contrast, net cash used in investing activities increased to $(8,950) million from $(6,148) million, and net cash used in financing activities also rose to $(7,066) million compared to $(6,022) million in the previous year.
As of September 30, 2024, total assets were reported at $96,699 million, an increase from $95,924 million at the end of 2023. Total equity also saw an increase, reaching $49,881 million compared to $49,279 million at the end of the previous year.
Production for the third quarter of 2024 was 1,917 MBOED, reflecting an increase of 111 MBOED from the same period in 2023. However, the average realized price for crude oil decreased to $76.78 per barrel from $83.15 per barrel in 2023, and the average realized price for natural gas fell to $4.42 per MCF from $5.06 per MCF in the prior year.
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