ConocoPhillips (NYSE: COP) is set to make a steady start to Thursday’s trading after ‘expectation topping’ fourth quarter results.
The oil company reported US$1.6bn of net income, US$1.32 per share, reflecting the recovery from 2016, which saw a US$35mln or 3 cent loss. The figures were boosted by a US$900mln non-cash tax benefit.
Earnings excluding special items amounted to US$500mln or 45 cents per share.
For the full year, ConocoPhillips reported a US$0.9bn or 70 cents net loss, narrowed from the US$3.6bn loss in the previous twelve months.
Production (excluding assets in Libya) tallied 1.35bn barrels of oil equivalent per day, with underlying production rose by 19%.
“2017 was a very successful year by all measures,” said Ryan Lance, ConocoPhillips chief executive.
“We accelerated our disciplined, returns-focused value proposition and delivered on our strategic priorities.
“We transformed our portfolio, strengthened our balance sheet, returned 61 percent of cash flow from operations to shareholders through our dividend and buyback program, and achieved our operational milestones, including 200 percent organic reserve replacement.”