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ConocoPhillips Reports Fourth-Quarter and 2019 Results

Gasoil News - Published on Fri, 14 Feb 2020

Image Source: ConocoPhillip
ConocoPhillips has reported fourth-quarter 2019 earnings of USD 0.7 billion compared with fourth-quarter 2018 earnings of USD 1.9 billion. Excluding special items, fourth-quarter 2019 adjusted earnings were USD 0.8 billion compared with fourth-quarter 2018 adjusted earnings of USD 1.3 billion. Special items for the current quarter included primarily a non-cash impairment related to a planned Lower 48 disposition, partially offset by an unrealized gain on Cenovus Energy equity.

Full-year 2019 earnings were USD 7.2 billion compared with full-year 2018 earnings of USD 6.3 billion. Excluding special items, full-year 2019 adjusted earnings were USD 4.0 billion compared with full-year 2018 adjusted earnings of USD 5.3 billion

Full-Year 2019 Summary

Full-year production, excluding Libya, of 1,305 MBOED; underlying production grew 5 percent.

Increased full-year Lower 48 Big 3 production by 22 percent

Executed successful Alaska appraisal program; conducted appraisal drilling and commissioned infrastructure at Montney in Canada.

Completed Lower 48, Alaska and Argentina acquisitions; awarded a new 20-year Indonesia Corridor Block production sharing contract.

Generated $3 billion in disposition proceeds; entered into agreements to sell Australia-West assets for $1.4 billion and Niobrara for $0.4 billion, both subject to customary closing adjustments, as well as regulatory and other approvals.

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Posted By : Yogender Pancholi on Fri, 14 Feb 2020
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