ConocoPhillips
Q1 2023 Earnings Call
May 04, 2023, 12:00 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Welcome to the first quarter 2023 ConocoPhillips earnings conference call. My name is Michelle, and I will be your operator for today's call. [Operator instructions] I will now turn the call over to Phil Gresh, vice president, investor relations. Sir, you may begin.
Phil Gresh -- Executive Vice President, Investor Relations
Thank you, Michelle, and welcome to everyone to our first quarter 2023 earnings conference call. On the call today are several members of the ConocoPhillips leadership team, including Ryan Lance, chairman and CEO; Bill Bullock, executive vice president and chief financial officer; Dominic Macklon, executive vice president of strategy, sustainability and technology; Nick Olds, executive president of Lower 48; Andy O'Brien, senior vice president of global operations; and Tim Leach, advisor to the CEO. Ryan and Bill will kick off the call with opening remarks, after which the team will be available for your questions. A few quick reminders.
First, along with today's release, we published supplemental financial materials and a slide presentation, which you can find on the investor relations website; second, during this call, we will be making forward-looking statements based on current expectations. Actual results may differ due to factors noted in today's release and in our periodic SEC filings. Finally, we will make reference to some non-GAAP financial measures. Reconciliations to the nearest corresponding GAAP measure can be found in today's release and on our website.
With that, I will turn the call over to Ryan.
Ryan Lance -- Chairman and Chief Executive Officer
Thanks, Phil, and thank you to everyone for joining our first quarter 2023 earnings conference call. Since we just hosted our analyst day and investor meeting in New York a few weeks ago, we are going to keep our prepared remarks fairly brief today. ConocoPhillips delivered a strong first quarter result, setting a new production record for the company as well as in the Lower 48. Underlying production growth was 4% year on year, including 8% year-on-year growth in the Lower 48.
We are confident in our outlook for the rest of the year, and we are increasing the midpoint of our full year production guidance. We're keeping our full year capital and operating guidance unchanged. Shifting to returns on announced capital, we continue to demonstrate our returns-focused value proposition in the first quarter. Our return on capital employed once again exceeded our goal of being top quartile in the S&P 500.