W. L. Bullock, Jr.
Executive Vice President and Chief Financial Officer at ConocoPhillips
Thanks, Ryan. In the first quarter, we generated $2.03 per share in adjusted earnings. We produced 1.902 million barrels of oil equivalent per day representing 2% underlying growth year-over-year. Lower 48 production averaged 1.046 million barrels of oil equivalent per day with 736,000 in the Permian, 197,000 in the Eagle Ford and 96,000 in the Bakken. Now this included a 25,000 barrel per day headwind from weather, which impacted lower 48 production by about 2% and was slightly higher than the 20,000 barrel per day guidance provided on the fourth quarter call. As a result, Lower 48 underlying growth was roughly 1% year-over-year. Now for the rest of the company, Alaska International production averaged 856,000 barrels of oil equivalent per day representing roughly 4% underlying growth year-over-year excluding the Surmont acquisition effects and this really highlights the benefit of our diversified global portfolio.
Moving to cash flows. First-quarter CFO was $5.1 billion, which included AP LNG distributions of $521 million. Capital expenditures were $2.9 billion. Debt retirement payments were $500 million and this was partially offset by proceeds of $200 million from disposition of non-core assets and we returned $2.2 billion to shareholders in the quarter, including $1.3 billion in buybacks and $900 million in ordinary dividends and VROC payments. We ended the quarter with cash and short-term investments of $6.3 billion and $1.1 billion in longer-term liquid investments.
Turning to guidance. We've maintained our full year production outlook of 1.91 million to 1.95 million-barrels of oil equivalent per day, which translates to 2% to 4% underlying growth. And for the second quarter, we expect production to be in a range of 1.91 million to 1.95 million-barrels of a day equivalent also, which represents a similar 2% to 4% year-over-year underlying growth. Our full year turnaround forecast is 30,000 barrels per day. This includes 25,000 barrels per day of turnarounds in the second quarter, primarily in Alaska, Norway and Qatar and 90,000 barrels per day for the third quarter. And as we mentioned on the last earnings call, the heavy third quarter maintenance is driven by our once every five year turnaround at Surmont.
For capex, our full year guidance remains $11 billion to $11.5 billion with a greater weight to the first half of the year. Now this is due to the $400 million of equity contributions at Port Arthur LNG that are almost entirely in the first half of the year as we discussed on the last call. For AP LNG, we expect $300 million of distributions in the second quarter with no change to full year guidance of $1.3 billion. And finally, for the second quarter, we're forecasting a $600 million working capital outflow related to tax payments and timing in the U.S. and Norway. All other full year guidance items are unchanged. So we continue to deliver on our strategic initiatives. We remain focused on executing our plan for 2024 and we're committed to staying highly competitive on our shareholder distributions.
That concludes our prepared remarks. I'll now turn it back over to the operator to start the Q&A.