ConocoPhillips joins rivals with bumper profit, boosts investor returns - 04 noiembrie 2022
ConocoPhillips (US.COP) on Thursday extended a string of bumper earnings from oil producers enjoying higher energy prices by reporting a near two-fold rise in third-quarter profit that beat Wall Street estimates.
Shares of the company, which raised its equity buyback plan to $45 billion, jumped as much as 7.2% to a record high of $135.68.
Its production rose by 210,000 boepd to 1.75 million barrels boepd in the quarter, while its average realized price surged 46% to $83.07 per barrel of oil equivalent (boe).
The company, however, raised its annual operating capital forecast to $8.1 billion from $7.8 billion, citing inflationary impact.
Rapidly escalating costs, combined with extremely tight supply, are limiting the pace of industry-wide production growth, Lance added.
"The base dividend increase and buyback program increase will more than offset the slight increase to the FY capex budget," Tudor, Pickering, Holt & Co analysts wrote in a note.
The Houston, Texas-based company's net income nearly doubled from last year to $4.5 billion for the three months ended Sept. 30. Excluding items, ConocoPhillips earned $3.60 per share, beating analysts' average estimate of $3.44, according to Refinitiv.