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ConocoPhillips has reported a net income of $18.7bn for the year 2022, a surge of almost 130% compared to $8.1bn a year ago.

In 2022, the firm’s adjusted earnings, excluding special items, stood at $17.3bn versus $8bn in the previous year.

The firm’s production increased to approximately 1.74 million barrels oil equivalent per day (Mmboepd) from 1.71Mmboepd in 2021.

The company said in a statement: “The company’s total realised price for 2022 was $79.82 per barrel of oil equivalent (boe), 46% higher than the $54.63 per boe realised in 2021, reflecting higher marker prices.”

Furthermore, ConocoPhillips paid ordinary dividends and variable returns of cash (VROC) of $5.7bn. It also repurchased shares worth $9.3bn and retired debt of $3.3bn.

ConocoPhillips is planning to return $11bn to shareholders in 2023 and declared $0.51 per share of quarterly ordinary dividend.

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By GlobalData

The American energy major added that it plans to allocate between $10.7bn and $11.3bn for project spending in 2023. This includes costs associated with its Willow oil and gas drilling project in Alaska.

For this year, the firm’s guidance includes $8.2bn in adjusted operating costs, an adjusted corporate segment net loss of $0.9bn, and $8.1bn in depreciation, depletion and amortisation (DD&A). This excludes potential special items.

ConocoPhillips chairman and CEO Ryan Lance said: “We returned $15bn of capital to shareholders and achieved record production in our Lower 48 assets while adding new, high-quality strategic projects to enhance our global portfolio for decades to come.

“As we enter our second decade, we remain committed to our Triple Mandate of responsibly and reliably meeting energy transition pathway demand, delivering competitive returns on and of capital, and achieving our net-zero operational emissions ambitions.”

In November 2022, Sempra Infrastructure signed a deal with ConocoPhillips to supply LNG to the latter from Phase 1 of the planned Port Arthur LNG project in Jefferson County, Texas.