ConocoPhillips Q4 Profit Missed Estimates, Announces Planned Return Of Capital Of $11 Bln

(RTTNews) - ConocoPhillips (COP) reported fourth-quarter adjusted earnings were $3.4 billion, or $2.71 per share, compared with $3.0 billion, or $2.27 per share, a year ago. On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $2.81, for the quarter. Analysts' estimates typically exclude special items. The company noted that its adjusted earnings increased primarily due to higher volumes and improved realized prices, partially offset by higher operating costs and DD&A associated with higher volumes, and commercial and inventory timing.

Earnings was $3.2 billion, or $2.61 per share, compared with earnings of $2.6 billion, or $1.98 per share. Total revenues and other income increased to $19.26 billion from $15.96 billion, prior year. Analysts on average had estimated $18.03 billion in revenue.

Production for the fourth quarter was 1,758 MBOED, an increase of 150 MBOED from the same period a year ago. After adjusting for closed acquisitions and dispositions and the conversion of previously acquired Concho-contracted volumes from a two-stream to a three-stream basis, fourth-quarter production decreased by 3 MBOED or 0.2% from the same period a year ago. The company's total average realized price was $71.05 per barrel of oil equivalent, 8% higher than the $65.56 per BOE realized in the fourth quarter of 2021.

For the fourth quarter, cash provided by operating activities was $6.6 billion. Excluding a $0.1 billion change in operating working capital, the company generated CFO of $6.5 billion.

The company's 2023 production guidance is 1.76 to 1.80 million barrels of oil equivalent per day. First-quarter production is expected to be 1.72 MMBOED to 1.76 MMBOED, which includes 35 MBOED of turnaround and stabilizer expansion in Eagle Ford.

The company's 2023 total capital expenditure guidance is $10.7 to $11.3 billion, which includes $9.1 to $9.3 billion for base capital and $1.6 to $2.0 billion for anticipated major project spending at NFE, NFS, PALNG and Willow.

ConocoPhillips also announced its 2023 planned return of capital to shareholders of $11 billion. The company declared a quarterly ordinary dividend of $0.51 per share, payable March 1, 2023, to stockholders of record at the close of business on Feb. 14, 2023. Also, the company announced a VROC of $0.60 per share, payable April 14, 2023, to stockholders of record at the close of business on March 29, 2023.

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