Shares of ConocoPhillips COP edged up 0.3% in premarket trading, after the energy exploration and production company reported fourth-quarter profit and production that rose, as realized prices increased, but fell a bit shy of expectations. Net income rose to $3.2 billion, or $2.61 a share, from $2.6 billion, or $1.98 a share, in the year-ago period. Excluding nonrecurring items, adjusted EPS of $2.71 was below the FactSet consensus of $2.72. Production increased 9.3% to 1,758 thousand barrels of oil equivalent per day (Mboed), but was just shy of the FactSet consensus of 1,764 Mboed. The total average realized price grew 8.4% to $71.05 per barrel of oil equivalent (BOE), and since production remains unhedged, the company realized the entirety of changes in market prices. The company does not report revenue or sales in its quarterly press releases. The company expects 2023 capital expenditures of $10.7 billion to $11.3 billion, and production of 1.76 million to 1.80 million barrels of oil equivalent per day (Mmboed). The stock has declined 7.0% over the past three months through Wednesday while the Energy Select Sector SPDR exchange-traded fund XLE has slipped 0.6% and the S&P 500 SPX has gained 9.6%.
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