Shares of ConocoPhillips
COP,
tacked on 0.4% in premarket trading Thursday, after the oil exploration and production company beat fourth-quarter profit and revenue expectations as 2023 production reached record levels. Net income fell to $3.01 billion, or $2.52 a share, from $3.25 billion, or $2.61 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $2.40 were well above the FactSet consensus of $2.09. Revenue declined 20.5% to $15.31 billion but was above the FactSet consensus of $15.15 billion. Production increased 8% to 1,902 thousand barrels of oil equivalent per day (MBOED), to bring full-year. The company expects 2024 production of 1.91 million barrels of oil equivalent per day to 1.95 MMBOED. The company also plans to spend $11.0 billion to $11.5 billion on capital expenditures in 2024. The stock has lost 1.9% over the past three months through Wednesday, while the S&P 500 has rallied 14%.
