ConocoPhillips Q3 2022 Earnings Report
Key Takeaways
ConocoPhillips reported Q3 2022 earnings of $4.5 billion, or $3.55 per share, compared to Q3 2021 earnings of $2.4 billion, or $1.78 per share. Adjusted earnings were $4.6 billion, or $3.60 per share. The company distributed $4.3 billion to shareholders and achieved a record Lower 48 production of over 1 million barrels of oil equivalent per day.
Distributed $4.3 billion to shareholders through dividends and share repurchases.
Increased quarterly dividend by 11% to 51 cents per share and raised share repurchase authorization by $20 billion.
Expanded global LNG portfolio through participation in QatarEnergy’s North Field South LNG project and agreed to terminal services in Germany.
Achieved Lower 48 production milestone of greater than 1,000 MBOED, contributing to record global production of 1,754 MBOED.
ConocoPhillips
ConocoPhillips
Forward Guidance
The company expects fourth-quarter 2022 production to be between 1.74 and 1.80 million barrels of oil equivalent per day (MMBOED). The company’s full-year expected production remains unchanged at 1.74 MMBOED. The company updated its 2022 operating capital guidance to $8.1 billion versus the prior guidance of $7.8 billion, reflecting inflationary impacts and partner-operated well mix in the Lower 48. Full-year guidance for adjusted operating cost is $7.7 billion versus the prior guidance of $7.5 billion, reflecting inflationary impacts in the Lower 48.