U.S. oil and gas producer ConocoPhillips beat Wall Street estimates for fourth-quarter profit on Thursday, helped by higher production from newly acquired assets.
ConocoPhillips had acquired an additional 50% stake from TotalEnergies in the Surmont facility in Canada in 2023 that boosted its production.
The company reported fourth-quarter production of 1.9 million barrels of oil equivalent per day (boepd), compared with 1.76 million boepd in the year-ago quarter.
ConocoPhillips forecast 2024 total capital expenditure in the range of $11.0 billion to $11.5 billion.
The Houston, Texas-based company posted adjusted earnings of $2.40 per share for the quarter ended Dec. 31, compared with analysts’ average estimate of $2.09, according to LSEG data.
(Reporting by Sourasis Bose in Bengaluru; Editing by Sriraj Kalluvila)