ConocoPhillips reports 130% jump in 2022 earnings
Following on the heels of peers like ExxonMobil and Chevron, US major ConocoPhillips reported full year 2022 earnings of $18.7bn on February 2, up 130% from $8.1bn in 2021. Q4 earnings increased to $3.2bn from $2.6bn in Q4 2021.
Adjusted 2022 earnings, which excluded special items, increased to $17.3bn from $8bn.
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“In 2022, ConocoPhillips marked 10 years as an independent E&P company with strong financial and operational results across our business,” CEO Ryan Lance said. “We returned $15bn of capital to shareholders and achieved record production in our Lower 48 assets, while adding new high-quality strategic projects to enhance our global portfolio.”
Distributions to shareholders included $5.7bn in cash through ordinary dividends and variable return of cash and $9.3bn through share repurchases. Shareholder returns in 2023 are expected to increase to $11bn, the company said.
Net cash provided by operating activities increased to $28.3bn from $17bn year-over-year and to $6.6bn from $5.9bn in Q4.
Full year production averaged 1.74mn barrels of oil equivalent (boe)/day, up from 1.6mn boe/day, while Q4 production increased to 1.76mn boe/day from 1.61mn boe/day. Natural gas production for the year averaged 3.13bn ft3/day, down slightly from 3.16bn ft3/day in 2021.
And average realised prices increased to $79.82/boe from $54.63/boe, with natural gas realised prices rising to $10.60/’000 ft3 from $5.77/’000 ft3.