Oil Prices Hit ConocoPhillips Q4 Revenue But EPS Beat, Eyes $9B Capital Return
Portfolio Pulse from Lekha Gupta
ConocoPhillips (NYSE:COP) reported Q4 FY23 results with revenue of $15.307 billion, missing the consensus of $15.942 billion, but an adjusted EPS of $2.40 beat the $2.09 consensus. Production increased to 1,902 MBOED, up 144 MBOED Y/Y. The average realized price per barrel declined 18% Y/Y. The company announced a $9 billion capital return plan for FY24 and declared a quarterly dividend of $0.58 per share. Shares rose 1.8% to $114.35.
February 08, 2024 | 5:47 pm
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ConocoPhillips reported mixed Q4 FY23 results with a revenue miss but an EPS beat, increased production, and a significant capital return plan for FY24. The company also declared a quarterly dividend.
The positive reaction in ConocoPhillips' stock price can be attributed to the EPS beat and the announcement of a substantial $9 billion capital return plan for FY24, despite the revenue miss. The increase in production and the declaration of a quarterly dividend further support a positive outlook, contributing to the stock's short-term upward movement.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100