North Sea operator ConocoPhillips saw its fourth-quarter earnings rise by 79% thanks to the sell off of its Algerian and Caspian assets
The Houston-based firm, which also benefited from increased US shale oil and gas production, posted earnings for $2.5billion for the final three months of the 2013.
Full year earnings were up from $8.4billion to $9.2billion as the company set its sights on up to 5% growth this year.
“2013 was a significant year for the company and we achieved several important, strategic milestones,” said chief executive Ryan Lance.
Conoco said it saw output from its North Sea operations drop around 19,000 barrels per year for the final quarter of 2013, down to 197,000 barrels per day, with normal field decline cited for the fall.
However, the company said it expected production to be boosted for 2014 after first output from its Ekofist South and Jasmine fields, with Jasmine expected to hit full levels by the end.
Overall production was down slightly for the year, from 1.53million barrels equivalent per day to 1.5million, as the crisis in Libya hit output.
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