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Sep 30, 2023
ConocoPhillips Q3 2023 Earnings Report
ConocoPhillips reported earnings decrease due to lower prices, but production increased.
Key Takeaways
ConocoPhillips reported third-quarter earnings of $2.8 billion, or $2.32 per share. Adjusted earnings were $2.6 billion, or $2.16 per share. Production reached a record 1,806 MBOED. The company increased its quarterly ordinary dividend by 14% to $0.58 per share.
Increased the quarterly ordinary dividend by 14% to $0.58 per share.
Completed the purchase of the remaining 50% interest in Surmont in October for approximately $2.7 billion.
Delivered company production of 1,806 thousand barrels of oil equivalent per day (MBOED).
Generated cash provided by operating activities of $5.4 billion.
Forward Guidance
ConocoPhillips expects fourth-quarter 2023 production to be 1.86 to 1.90 million barrels of oil equivalent per day (MMBOED). Full-year production is expected to be approximately 1.82 MMBOED. Full-year guidance for adjusted operating cost was updated to $8.6 billion.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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