ConocoPhillips reported better than expected fourth quarter earnings before the market opened Thursday. Houston based $COP is the largest U.S. based independent exploration and production firm based on production volumes.
ConocoPhillips reported better than expected fourth quarter earnings before the market opened Thursday. Houston based $COP is the largest U.S. based independent exploration and production firm based on production volumes. ConocoPhillips results were helped by tax benefits and an Ecuador settlement.
$COP reported a $1.58 billion profit for Q4, including $900 million from the new U.S. tax law and a $337 million settlement with Ecuador. Adjusted profit was $400 million versus a $35 million loss in the final quarter of 20 2016. For the full year 2017, ConocoPhillips recorded a $900 million loss as it recovers from the oil crash, versus a much larger $3.6 billion loss in 2016.
ConocoPhillips NYSE: $COP
Premarket 58.84 ▲ 0.020 (0.034%)
- ConocoPhillips paid $400 million to The Woodlands’ Anadarko Petroleum to acquire its 22 percent stake in Alaska’s Western North Slope development.
- Increasing quarterly dividend from 26.5 cents a share up to 28.5 cents.
- ConocoPhillips is moving forward with a share buyback program
- Announced the pay down of $2.25 billion in debt.
- Ecuadorian settlement from the government’s previous confiscation of assets $337 million
“While the outlook for commodity prices has improved, our operating plan remains unchanged and we have already taken clear actions to demonstrate our commitment to maintain discipline and follow our priorities,” said ConocoPhillips Chairman an CEO Ryan Lance.
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ConocoPhillips explores for, produces, transports and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG) and NGLs worldwide. Conoco’s portfolio includes resource rich North American tight oil and oil sands assets; lower-risk legacy assets in North America, Europe, Asia and Australia; various international developments; and an inventory of conventional and unconventional exploration prospects.
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