ConocoPhillips (NYSE:COP) matched the record performance amongst its energy major peers, announcing $7.4billion in quarterly profits, a near-doubling of its buyback programme and boosted dividends to shareholders.
Pre-tax profits at the Houston-headquartered energy giant topped $7.4bn in Q3, roughly in line with the record results of previous quarters this year.
It takes the company’s total pre-tax profits for 2022 to just under $23bn.
Net income reached $4.5bn, down marginally on Q1 and Q2 but nearly double the same period last year.
Total revenue also held steady on last quarter at $21bn, while basic net income per share slid from $3.96 in Q2 to $3.56.
In response, Conoco announced an 11% bump to its quarterly ordinary dividend of $0.51 per share and an additional payment of $0.70 per share in January.
Its board further approved a $20 billion increase in its existing share repurchase program, taking buyback efforts to a soaring $45 billion, which it says is “consistent with the company’s plan for future share repurchases.”
Production in Q3 amounted so some 1.74 million barrels of oil equivalent per day (boepd), an increase of 210,000 on the same period last year. The company expects to maintain this output in its full-year guidance.
“We continue to deliver competitive returns, meet global energy needs and reduce our emissions consistent with our Triple Mandate. ConocoPhillips distributed $4.3 billion to our shareholders in the third quarter and announced an increase to our ordinary dividend effective in the fourth quarter,” commented chairman and chief executive Ryan Lance.
“Our Lower 48 business unit accomplished record production of more than 1 million barrels of oil equivalent per day. We expanded our global LNG portfolio with opportunities in QatarEnergy’s North Field South LNG project and have agreed to capacity at the prospective German LNG Terminal, enhancing our focus on this valuable energy transition fuel.”
“By concentrating on low cost-of-supply and low greenhouse gas production, ConocoPhillips is well positioned to compete in near-term cycles and over the long term.”
However, the record results and shareholder returns are unlikely to dim calls for windfall taxes and consumer support – not least from US President Joe Biden who last week urged oil firms to slash prices to help energy consumers.
Meanwhile, the oil giant also announced that Jack Harper, its executive vice president for the Lower 48, would leave the company due to family medical reasons, and will be succeeded in the role by Nick Olds, currently executive vice president for global operations.
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