ConocoPhillips beats fourth-quarter profit estimates on higher production By Reuters

© Reuters. The logo for ConocoPhillips is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., January 13, 2020. REUTERS/Brendan McDermid/File Photo

(Reuters) – U.S. oil and gas producer ConocoPhillips (NYSE:) beat Wall Street estimates for fourth-quarter profit on Thursday, helped by higher production from newly acquired assets.

ConocoPhillips had acquired an additional 50% stake from TotalEnergies (EPA:) in the Surmont facility in Canada in 2023 that boosted its production.

The company reported fourth-quarter production of 1.9 million barrels of oil equivalent per day (boepd), compared with 1.76 million boepd in the year-ago quarter.

ConocoPhillips forecast 2024 total capital expenditure in the range of $11.0 billion to $11.5 billion.

The Houston, Texas-based company posted adjusted earnings of $2.40 per share for the quarter ended Dec. 31, compared with analysts’ average estimate of $2.09, according to LSEG data.

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