ConocoPhillips exceeds Q4 profit estimates due to higher production, projects 1.91-1.95 MMBOED production in 2024.

Summary: ConocoPhillips reported a beat in fourth-quarter profit driven by higher production, with adjusted earnings per share of $2.40, above the consensus estimate of $2.09. The company's full-year 2023 production reached a record 1.9 million barrels of oil equivalent per day and expects production between 1.91-1.95 MMBOED in 2024. ConocoPhillips is also planning to spend $11.0 billion to $11.5 billion on capital expenditures in 2024.

February 08, 2024
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