ConocoPhillips Co. hit records with full-year total company and Lower 48 production of 1.826 MMboe/d and 1.067 MMboe/d, respectively, the company said in an earnings report Feb. 8.
Full year 2023 production increased 88,000 boe/d from the same period a year ago. After adjusting for impacts from closed acquisitions and dispositions, production increased 73,000 boe/d, or 4%, from the same period a year ago.
Production for fourth-quarter 2023 was 1.902 MMboe/d, an increase of 144,000 boe/d from the same period a year ago, and up from third-quarter 2023 production of 1.806 MMboe/d. After adjusting for impacts from closed acquisitions and dispositions, fourth-quarter 2023 production increased 75,000 boe/d or 4% from the same period a year ago.
Lower 48 delivered production of 1.086 MMboe/d, including 750,000 boe/d from the Permian basin, 211,000 boe/d from the Eagle Ford, and 110,000 boe/d from the Bakken. First production was achieved at several subsea tiebacks in Norway, Surmont Pad 267 in Canada and Bohai Phase 4B in China.
The operator expects first-quarter 2024 production of 1.88-1.92 MMboe/d and full year production of 1.91-1.95 MMboe/d with a total 2024 capital expenditure budget of $11-11.5 billion.
Earnings
Fourth-quarter 2023 earnings of $3 billion were down from fourth-quarter 2022 earnings of $3.2 billion, but up from third-quarter 2023 earnings of $2.8 billion (OGJ Online, Nov. 2, 2023). Excluding special items, fourth-quarter 2023 adjusted earnings were $2.9 billion, compared with fourth-quarter 2022 adjusted earnings of $3.4 billion. Special items for the current quarter were comprised of a benefit related to the reversal of a tax reserve, partially offset by a loss on foreign exchange contracts.
Full-year 2023 earnings were $11 billion, compared with full-year 2022 earnings of $18.7 billion. Excluding special items, full-year 2023 adjusted earnings were $10.6 billion, compared with full-year 2022 adjusted earnings of $17.3 billion.
Cash from operating activities was $20 billion and cash from operations was $21.3 billion.