• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 6 mins Rioting and Protesting
  • 10 mins Would bashing China solve all the problems of the United States
  • 2 hours WHY was George Floyd Murdered and Why Publicly
  • 7 hours Model 3 cheaper to buy than BMW 3 series.
  • 8 hours Pompeo's Hong Kong
  • 13 hours Iran's first oil tanker has arrived near Venezuela
  • 4 hours Build Back Better is the Latest Globalist Plot
  • 6 hours Thugs in Trumpistan
  • 5 hours Yale University Epidemiologist Publishes Paper on Major Benefits of Hydroxchloroquine for High-risk Outpatients. Quacksalvers like Fauci should put lives ahead of Politics
  • 5 hours So the President is on that Hydroxy
  • 9 hours Obamagate Is Not a Conspiracy Theory
  • 11 hours Michael Moore's Controversial "Planet of the Humans" Movie
  • 15 hours Chicago Threatens To Condemn - Possibly Demolish - Churches Defying Lockdown
Oil Slides As Russia Plans To Raise Production

Oil Slides As Russia Plans To Raise Production

Reports that Russia plans to…

Oil Prices Are Unlikely To Break $40 This Year

Oil Prices Are Unlikely To Break $40 This Year

Despite production cuts from OPEC+…

ConocoPhillips Increases Share Buyback By $10B While Profit Slumps

ConocoPhillips (NYSE: COP) reported on Tuesday lower-than-forecast Q4 earnings on the back of lower oil and gas prices, but the Houston-based energy producer also announced a $10-billion increase in its share buyback program.  

ConocoPhillips’ Q4 adjusted earnings came in at $831 million, or $0.76 per share, down from adjusted earnings of $1.3 billion, or $1.13 per share, for the fourth quarter of 2018.  

The Q4 2019 earnings per share fell short of the analyst consensus of $0.80 per share of the Wall Street Journal.  

ConocoPhillips attributed the lower adjusted earnings in Q4 to lower realized prices and volumes. The company’s total realized price was $47.01 per barrel of oil equivalent (boe) in Q4 2019, down by 11 percent from the $53.00 per boe price realized in the fourth quarter of 2018, reflecting lower market prices. Apart from the lower prices, Q4 earnings were impacted by a non-cash impairment related to a pending sale in Niobrara, ConocoPhillips said.

Full-year adjusted earnings also dropped, to $4.0 billion for 2019 from adjusted earnings of $5.3 billion for 2018.

Full-year production from the Lower 48 ‘Big 3’—the Permian, the Eagle Ford, and the Bakken as ConocoPhillips calls those shale regions collectively—increased by 22 percent.

Adjusting for closed sales and acquisitions, ConocoPhillips’ underlying total production in 2019 rose by 59,000 barrels of oil equivalent per day, chiefly due to growth from the Big 3, development programs and major projects in Alaska, Europe, and Asia Pacific.  

Despite the weaker prices and weaker earnings compared to 2018, ConocoPhillips generated last year $11.7 billion in cash from operations (CFO), which exceeded the total of $6.6 billion in capital expenditure and investments, $3.5 billion in share repurchases, and $1.5 billion in dividends.

Along with the 2019 financials, ConocoPhillips announced on Tuesday that its board of directors had voted to increase the company’s existing share buyback by $10 billion to bring it to a total of $25 billion. Since it approved the share repurchase program in late 2016, ConocoPhillips had bought back $9.6 billion in shares through 2019, while it plans $3 billion in share repurchases this year.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News