ConocoPhillips beats expectations in Q4 2023

ConocoPhillips has posted a profit of USD 3 billion in Q4 2023, down only 7.5% from the previous year despite a drop in commodity prices, the American energy giant announced on Thursday.

The company made annual earning of USD 11 billion in 2023, compared with 2022 earnings of USD 18.7 billion.

“We achieved record production, reached several key milestones across our global operations and returned $11 billion to shareholders,” said Ryan Lance, chairman and CEO of ConocoPhillips.

“Our deep, durable, and diversified portfolio continues to generate robust cash flow, enabling us to start the year with a $9 billion return of capital target.”

The energy giant recently acquired a 50% interest in the Surmont oil sands project in Canada for USD 3 billion and made its FID on the Willow project in Alaska, USA.

In Q4 2023, the company produced 1.76 million boepd, up 8% from the previous quarter.

ConocoPhillips anticipates oil and gas production for 2024 will be between 1.91 million boepd and 1.95 million boepd, with planned investments of between USD 11 billion and USD 11.5 billion.