ConocoPhillips (NYSE: COP) reported adjusted earnings of $2.71 per share for its fourth quarter of FY22 versus $2.27 in the same period a year back but fell short of analysts’ consensus estimate of $2.73 per share.
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Production in Q4 increased by 150 thousand barrels of oil equivalent per day (MBOED) to 1,758 MBOED. The company’s total average realized price also increased by 8% year-over-year in the fourth quarter to $71.05 per barrel of oil equivalent (BOE) while cash provided by operating activities was $6.6 billion.
The oil giant declared a quarterly dividend of $0.51 per share, payable on March 1 to stockholders of record as on Feb. 14. In addition, the company announced a variable return of cash (VROC) dividend of $0.60 per share, payable on April 14, to shareholders of record as on March 29. This year, COP plans to return $11 billion to shareholders.
Looking forward, management now expects its FY23 capex to be in the range of $10.7 to $11.3 billion while production guidance is projected to be between 1.76 and 1.80 MMBOED.
Overall, Wall Street has a consensus rating of Moderate Buy on COP stock based on 14 Buys, three Holds, and one Sell.