ConocoPhillips on Thursday reported $2.31 billion in web earnings for the 2024 fourth quarter (This autumn), down from $3 billion for a similar three-month interval a 12 months in the past as weaker costs and better prices offset stronger manufacturing.
Earlier than changes for extraordinary or non-recurring gadgets, web earnings totaled $2.41 billion, or $1.98 per share – down from $2.86 billion for the 2023 fourth quarter. The adjusted earnings per share for the October-December 2024 interval beat the $1.89 consensus estimate by brokerage analysts surveyed by Zacks Funding Analysis.
ConocoPhillips closed decrease at $99.94 on the New York Inventory Change on outcomes day after concluding Wednesday at $100.21.
- Advertisement -
The Houston, Texas-based firm produced 2.18 million barrels of oil equal a day (MMboed) on common within the fourth quarter, up 281,000 boed from the comparable interval a 12 months in the past. “After adjusting for impacts from closed acquisitions and tendencies, fourth-quarter 2024 manufacturing elevated 139 MBOED [thousand boed] or 6 p.c from the identical interval a 12 months in the past”, it stated in a web based assertion.
Within the fourth quarter ConocoPhillips accomplished its $22.5 billion acquisition of Marathon Oil Corp., rising its presence in the US Decrease 48 by including belongings within the Bakken and Eagle Ford shales, in addition to the Delaware Basin.
Full-year manufacturing averaged 1.99 MMboed, up 161,000 boed from 2023. “Excluding one month of Marathon Oil manufacturing, the corporate and Decrease 48 produced 1,955 MBOED and 1,124 MBOED, respectively”, ConocoPhillips stated, referring to full-year manufacturing.
Its realized costs averaged $52.37 per boe within the 2024 closing quarter, down 10 p.c in opposition to the 2023 fourth quarter.
“Earnings decreased from the fourth quarter of 2023 as greater volumes have been greater than offset by nonrecurring acquisition-related transaction and integration bills, decrease costs and better depreciation, depletion and amortization (DD&A)”, ConocoPhillips stated. “Adjusted earnings decreased as greater volumes have been greater than offset by decrease costs, greater DD&A and elevated working prices”.
Working actions within the fourth quarter generated about $4.5 billion in money – over $5.4 billion earlier than adjustments in working capital. “The corporate funded $3.3 billion of capital expenditures and investments inclusive of $0.4 billion of spend associated to fourth-quarter acquisitions, repurchased $2.0 billion of shares and paid $0.9 billion in abnormal dividends”, ConocoPhillips defined. “As well as, the corporate accomplished strategic debt transactions and repaid naturally maturing debt, leading to web money proceeds of $1.2 billion”.
At year-end ConocoPhillips reached Decrease 48 divestment agreements amounting to $600 million, towards a objective of $2 billion. It expects to finish the gross sales within the first half of 2025.
ConocoPhillips ended 2024 with $6.11 billion of money, money equivalents and short-term investments. Present belongings totaled $15.65 billion.
It owed $1.04 billion in short-term debt, whereas present liabilities totaled $12.12 billion.
In the meantime its year-end confirmed reserves have been at 7.8 billion boe with a preliminary reserve substitute ratio of 244 p.c. “Excluding closed acquisitions and tendencies, the preliminary natural reserve substitute ratio was 123 p.c”, it stated.
In 2025 ConocoPhillips expects to supply 2.34 MMboed to 2.38 MMboed.
It plans to distribute $10 billion to shareholders this 12 months, in comparison with $9.1 billion in 2024. That can embrace a first-quarter abnormal dividend of $0.78 per share.
To contact the writer, e-mail jov.onsat@rigzone.com
What do you suppose? We’d love to listen to from you, be a part of the dialog on the
Rigzone Vitality Community.
The Rigzone Vitality Community is a brand new social expertise created for you and all vitality professionals to Converse Up about our business, share data, join with friends and business insiders and have interaction in knowledgeable group that may empower your profession in vitality.
