ConocoPhillips back to profit in Q4

Image courtesy of ConocoPhillips

Houston-based energy company and LNG player, ConocoPhillips reported earnings of $1.6 billion in its fourth quarter of 2017, compared with a loss of $35 million in the same quarter a year before, as oil and gas prices rose.

On a per-share basis, ConocoPhillips posted fourth-quarter net income of $1.32 per share, compared to a net loss of 3 cents per share, in the year-ago period.

The world’s largest independent exploration and production company also reduced its full-year loss to $0.9 billion, as compared to $3.6 billion in 2016.

ConocoPhillips also announced an increase in its distributions to shareholders, consisting of an increase to the quarterly dividend and an increase in the previously announced planned 2018 share repurchases.

The company’s board of directors approved a 7.5 percent increase to the quarterly dividend, from 26.5 cents to 28.5 cents per share.

Quarterly production dropped 23 percent to 1.2 million barrels of oil equivalent per day, due in part to asset sales.

“2017 was a very successful year by all measures,” said Ryan Lance, chairman and chief executive officer. “We accelerated our disciplined, returns-focused value proposition and delivered on our strategic priorities. We transformed our portfolio, strengthened our balance sheet, returned 61 percent of cash flow from operations to shareholders through our dividend and buyback program, and achieved our operational milestones, including 200 percent organic reserve replacement.”

He went on to say that the company entered 2018 with “strong operational and financial momentum.”

“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 Lance.

 

Share this article

Follow LNG World News

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

The 6th CWC China LNG & Gas International Exhibition & Summit

Following on from LNG 2019 and five successful editions in Beijing, the established China LNG & Gas International Exhibition & Summit…

read more >

LNG Pricing, Trading & Hedging: 3-Day Training Course – Singapore / Jan 2019

This three-day training program provides a unique opportunity to learn and apply the practical skills, knowledge and tools needed to:…

read more >

American LNG Forum 2020

The American LNG Forum is your gateway to learning about the US LNG export industry,

read more >

2nd Global LNG Forum

Global LNG Forum is an exclusive networking and knowledge-sharing platform for top experts and business leaders in the industry.

read more >