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ConocoPhillips Q4 Adj. EPS Tops Estimates; Lifts FY24 Production Guidance

RTTNews | 567 days ago

(RTTNews) - ConocoPhillips (COP) reported Thursday that net earnings for the fourth quarter declined to $3.01 billion or $2.52 per share from $3.25 billion or $2.61 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $2.86 billion or $2.40 per share, compared to $3.38 billion, or $2.71 per share in the year-ago quarter.

On average, 22 analysts polled by Thomson Reuters expected the company to report earnings of $2.09 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues and other Income for the quarter declined to $15.31 billion from $19.26 billion in the same quarter last year. Analysts expected revenues of $15.94 billion for the quarter.

Production for the quarter was 1,902 thousand barrels of oil equivalent per day or MBOED, an increase of 144 MBOED from the same period a year ago.

After adjusting for impacts from closed acquisitions and dispositions, fourth-quarter production increased 75 MBOED or 4 percent from the same period a year ago.

Looking ahead the first quarter of fiscal 2024, the company's production is expected to be 1.88 to 1.92 million barrels of oil equivalent per day or MMBOED.

Full-year 2024 production is now expected to be 1.91 to 1.95 MMBOED, as compared to prior guidance of approximately 1.82 MMBOED.

ConocoPhillips also announced its 2024 planned return of capital to shareholders of $9 billion. The company declared an ordinary dividend of $0.58 per share and a VROC of $0.20 per share, both payable March 1, 2024, to stockholders of record at the close of business on Feb. 19, 2024.

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Tags: COP

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