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ConocoPhillips NEWS RELEASE ConocoPhillips Reports First - Quarter 2021 Results ; Declares Quarterly Dividend ; Announces Debt - Reduction Plan and Intention to Begin Sales of Cenovus Shares with Proceeds to Fund Incremental Buybacks ; Schedules Midyear Market Update HOUSTON - ConocoPhillips ( NYSE : COP ) today reported first - quarter 2021 earnings of $ 1.0 billion , or $ 0.75 per share , compared with a first - quarter 2020 loss of $ 1.7 billion , or ( $ 1.60 ) per share . Excluding special items , first - quarter 2021 adjusted earnings were $ 0.9 billion , or $ 0.69 per share , compared with first - quarter 2020 adjusted earnings of $ 0.5 billion , or $ 0.45 per share . Special items for the current quarter included an unrealized gain on Cenovus Energy shares and a gain associated with the Australia - West divestiture following the buyer's final investment decision on the Barossa development project . Partially offsetting these benefits were previously announced transaction and restructuring expenses related to the acquisition of Concho and realized losses on the Concho hedging program related to positions for which the company accelerated settlement into the first quarter , in addition to deferred tax adjustments . ● First - Quarter Highlights and Recent Announcements Completed the Concho acquisition , enhancing both our asset portfolio and financial framework . Cash provided by operating activities and cash from operations ( CFO ) of $ 2.1 billion , exceeded capital expenditures and investments of $ 1.2 billion , generating free cash flow ( FCF ) of $ 0.9 billion . O CFO and FCF include approximately $ 1.0 billion of cash outflows from previously announced one time items in connection with the Concho acquisition . ● 925 North Eldridge Parkway Houston , TX 77079-1175 Media Relations : 281-293-1149 www.conocophillips.com/media ● May 4 , 2021 ● ● Produced 1,488 MBOED excluding Libya during the first quarter despite incurring approximately 50 MBOED of unplanned production downtime throughout Lower 48 caused by Winter Storm Uri . Ended the quarter with cash , cash equivalents and restricted cash totaling $ 3.2 billion and short - term investments of $ 4.1 billion , equaling $ 7.3 billion in ending cash and short - term investments . Resumed the share repurchase program at an annualized level of $ 1.5 billion . Distributed $ 0.6 billion in dividends and repurchased $ 0.4 billion of shares . Recognized by the Dow Jones Sustainability Index as the top U.S. ESG performer in the Oil and Gas Upstream and Integrated sector . Reaffirmed commitment to preserving a top - tier balance sheet with intent to reduce the company's gross debt by $ 5 billion over the next five years , driving a more resilient and efficient capital structure . Announced plans to sell its Cenovus Energy shares in the open market in a disciplined manner by year - end 2022 beginning in the second quarter of 2021 , utilizing the proceeds to fund incremental ConocoPhillips share repurchases . " The first quarter was a momentous one for ConocoPhillips with the closing of the Concho transaction , the better - than - expected pace and progress of integration activities companywide and the safe response to Winter Storm Uri , " said Ryan Lance , ConocoPhillips chairman and chief executive officer . " Our entire organization is focused on improving every aspect of our underlying business to make us the most competitive company in the industry : capturing additional synergies , lowering our sustaining price , increasing capital efficiency , generating free cash flow , strengthening our balance sheet , consistently delivering peer - leading return of capital to our owners and lowering emissions . These are the essential keys to long - term success in the business . We look forward to providing an update on our progress in June . "