ConocoPhillips Raises Dividend As It Beats Q3 Profit Estimates

By Tsvetana Paraskova
click here to read the original article at Oilprice.com
*this article was not written by Roseland Oil & Gas

ConocoPhillips (NYSE: COP) raised its quarterly dividend by 14% as record oil and gas production resulted in higher-than-expected earnings for the third quarter.  

ConocoPhillips reported on Thursday adjusted earnings of $2.6 billion, or $2.16 per share, for the third quarter, beating the $2.10 EPS analyst consensus estimates compiled by The Wall Street Journal.

The earnings were lower than in the third quarter of 2022 when oil and gas companies posted record profits amid soaring crude oil and natural gas prices. 

ConocoPhillips’s earnings and adjusted earnings fell from the third quarter of 2022 primarily due to lower prices. The company’s total average realized price was $60.05 per barrel of oil equivalent (boe), 28% lower than the $83.07 per boe realized in the third quarter of 2022.

ConocoPhillips, the biggest independent oil company in the U.S., reported a third consecutive quarter of record production and raised its full-year output guidance.

For the third quarter, the company’s total oil and gas production was 1.806 million barrels of oil equivalent per day (boepd), with Lower 48 production at 1.083 million boepd.

ConocoPhillips expects its fourth-quarter 2023 production to be 1.86 million boepd to 1.90 million boepd, and full-year production is expected to be around 1.82 million boepd, as compared to prior guidance of 1.80 million boepd to 1.81 million boepd, due to the acquisition of the remaining 50% interest in Surmont in Canada from TotalEnergies.

ConocoPhillips also said it further diversified its LNG portfolio by signing a 15-year throughput agreement for approximately 1.5 million tonnes per annum of regasification at the Gate LNG Terminal in the Netherlands and reached first production ahead of schedule in October at Tommeliten A and partner-operated Breidablikk and Kobra East & Gekko in Norway and partner-operated Bohai Phase 4B in China.

ConocoPhillips also announced an increase in its quarterly ordinary dividend by 14% to $0.58 per share.

“Today we announced a 14% increase in our quarterly ordinary dividend, consistent with our long-term objective to deliver top quartile growth relative to the S&P 500,” said Ryan Lance, chairman and chief executive officer.

By Tsvetana Paraskova
click here to read the original article at Oilprice.com
*this article was not written by Roseland Oil & Gas