ConocoPhillips (COP) tops Q4 earnings estimates

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.

By Sam Boughedda

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