ConocoPhillips
Q1 2022 Earnings Call
May 05, 2022, 12:00 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Mark Keener
[Audio gap] During the call, we'll make forward-looking statements based on current expectations. Of course, actual results may differ due to the factors described in today's release and our periodic SEC filings. And finally, we'll also make reference to some non-GAAP financial measures today. Reconciliations to the nearest corresponding GAAP measure can be found in this morning's release and on our website.
And with that, let me turn the call over to Ryan.
Ryan Lance -- Chairman and Chief Executive Officer
Thank you, Mark. Before we get into the results for the quarter, I'd like to touch on a couple of other items that are top of mind for us. The first is the war in Ukraine. In a world already ravaged by the pandemic, this unprovoked invasion is having tragic consequences as we all see in heartbreaking detail in the news every day.
The bravery of the Ukrainian people is inspiring, and we pray for a peaceful resolution at the earliest possible moment. This deeply troubling war is also disrupting supply chains at a time of recovering global economic growth and energy demand. It is affecting every aspect of the global economy and impacting the energy security of our allies in Europe, and it's driving significant volatility in commodity prices. We are fortunate that the United States has abundant resources to ensure our own energy security.
These resources also provide vital geopolitical benefits. Secure U.S. energy exports serve as a market stabilizing factor, enabling our allies to better withstand energy blackmail by hostile and unreliable resources. Like the rest of industry, we've quickly restored activity levels from the lows driven by the pandemic-related energy price collapse despite lingering service and supply chain shortages, infrastructure permitting delays and lag time required for workforce and equipment redeployment.
As a result, total U.S. oil and gas production is growing meaningfully despite these headwinds. And ConocoPhillips will continue to do our part as we fulfill our triple mandate of reliably and responsibly meeting energy transition demand, delivering competitive returns on and of capital and achieving our net zero ambition. Now the other topic I'd like to touch on are the leadership changes we announced a couple of days ago.