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ConocoPhillips Q4 Adj. Profit Falls On Lower Realized Prices, Volumes

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ConocoPhillips (COP) reported fourth-quarter adjusted earnings per share of $0.76, compared to $1.13, prior year. On average, 19 analysts polled by Thomson Reuters expected the company to report profit per share of $0.80, for the quarter. Analysts' estimates typically exclude special items. Adjusted earnings were $0.8 billion, compared to $1.3 billion, prior year. Fourth-quarter adjusted earnings were lower due to lower realized prices and volumes. Total realized price was $47.01 per BOE, 11 percent lower than a year ago, reflecting lower marker prices.

Fourth-quarter total revenues and other income declined year-on-year to $8.14 billion from $10.36 billion, prior year. Analysts expected revenue of $7.67 billion for the quarter. Sales and other operating revenues were $7.71 billion compared to $9.67 billion, previous year.

Fourth-quarter production, excluding Libya, was 1,289 thousand barrels of oil equivalent per day (MBOED), a decrease of 24 MBOED from a year ago. Adjusting for closed dispositions and acquisitions, underlying production increased 24 MBOED. Production from Libya averaged 45 MBOED.

Full-year 2019 adjusted earnings were $4.0 billion, or $3.59 per share, compared to $5.3 billion, or $4.54 per share, last year. Total revenues and other income declined to $36.67 billion from $38.73 billion. Full-year production, excluding Libya, was 1,305 MBOED; underlying production grew 5 percent.

Preliminary 2019 year-end proved reserves are approximately 5.3 billion barrels of oil equivalent (BOE), with total reserve replacement of 100 percent. Excluding disposition impacts, organic reserve replacement is 117 percent.

For 2020, the company's production guidance is 1,230 MBOED to 1,270 MBOED, including the impact of a recent third-party pipeline outage on the Kebabangan Field in Malaysia. First-quarter production is expected to be 1,240 MBOED to 1,280 MBOED. The company noted that its production guidance excludes Libya.

ConocoPhillips announced a quarterly dividend of 42 cents per share, payable March 2, 2020, to stockholders of record at the close of business on Feb. 14, 2020. The company also announced that the Board approved a $10 billion increase in the existing share repurchase program to $25 billion. Since program inception, the company has repurchased $9.6 billion in shares through 2019, and plans $3 billion in share repurchases during 2020.

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