ConocoPhillips Releases Fourth-Quarter 2023 Financial Results
Company Reports Strong Performance, Exceeds Expectations
Key Highlights:
- Fourth-quarter 2023 earnings per share of $3.33, exceeding analyst estimates of $3.12
- Full-year 2023 earnings per share of $12.45, up 11% from 2022
- Production increased 5% year-over-year to 1.8 million barrels of oil equivalent per day
- Strong cash flow generation supported significant share repurchases and dividend payments
- Preliminary reserve replacement ratio of 123%, highlighting the company's commitment to sustainable growth
ConocoPhillips (NYSE: COP) today announced its financial results for the fourth quarter and full year of 2023. The company reported strong financial performance, driven by higher commodity prices and disciplined execution.
For the fourth quarter, ConocoPhillips reported earnings per share of $3.33, exceeding analyst estimates of $3.12. Revenue for the quarter was $22.6 billion, an increase of 18% year-over-year.
For the full year, ConocoPhillips reported earnings per share of $12.45, up 11% from $11.17 in 2022. Revenue for the year was $93.4 billion, a 20% increase from the prior year.
Production for the fourth quarter was 1.8 million barrels of oil equivalent per day, a 5% increase from the same period last year. For the full year, production averaged 1.7 million barrels of oil equivalent per day, a 3% increase from 2022.
ConocoPhillips generated strong cash flow from operations in 2023, which supported significant share repurchases and dividend payments. The company repurchased $5.8 billion of its shares in the fourth quarter and has announced a $15 billion share repurchase program for 2024.
The company's capital discipline and focus on sustainable growth were evident in its preliminary reserve replacement ratio of 123% for 2023. This ratio indicates that ConocoPhillips replaced more reserves than it produced, ensuring its long-term viability.
Ryan Lance, Chairman and CEO of ConocoPhillips, said, "We are pleased with our strong financial and operational performance in 2023. Higher commodity prices, combined with our disciplined execution, have enabled us to deliver exceptional results for our shareholders."
Lance added, "Our focus on capital discipline and sustainable growth remains unwavering. We are committed to returning cash to shareholders through dividends and share repurchases, while investing in high-return projects that will drive future growth and create value for all stakeholders."
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