ConocoPhillips (NYSE:COP) shares edged slightly higher premarket on Thursday after the company's latest quarterly earnings revealed profit came in above consensus expectations.
The company reported Q4 EPS of $2.40, $0.30 better than the analyst estimate of $2.10.
During 2023, ConocoPhillips noted that it "continued to demonstrate strong financial and operational performance," executing on its "returns-focused value proposition.”
"Our deep, durable, and diversified portfolio continues to generate robust cash flow, enabling us to start the year with a $9 billion return of capital target," said Ryan Lance, COP's chairman and chief executive officer.
The company’s 2024 total capital expenditure guidance is $11 billion to $11.5 billion, while its 2024 production guidance is 1.91 to 1.95 million barrels of oil equivalent per day (MMBOED).
In the first quarter, production is expected to be 1.88 to 1.92 MMBOED.