ConocoPhillips has marked its 10th year as an independent exploration and production company in 2022 with full-year earnings of USD18.7 billion, and was delighted to add several high-quality projects to its global portfolio, said Upstreamonline.
Project additions included interests in QatarEnergy’s enormous North Field East and North Field South liquefied natural projects in Qatar. Other highlights were the licence extension to 2048 for its flagship Greater Ekofisk project in Norway, and licence adjustments to 2039 for the large Penglai oilfields in China.
ConocoPhillips’ 2022 production averaged 1.74 million barrels of oil equivalent per day, an increase of 171,000 boepd from 2021. Record output was achieved in the US Lower 48. The company’s total realised price for 2022 was USD79.82 per boe, 46% higher than in 2021.
The company funded USD10.2 billion of capital expenditure and investments, and distributed USD15 billion to shareholders through dividends, variable returns of cash and share repurchases. In terms of reserves, the company’s end of year proven reserves are 6.6 billion boe, with a total reserve replacement ratio of 176%, including closed acquisitions and dispositions and market factors.
Looking ahead, ConocoPhillips' capital expenditure guidance is between USD10.7 billion and USD11.3 billion, which includes major project spending, development drilling programmes, exploration and appraisal drilling, and projects to reduce the company’s Scope 1 and 2 emissions intensity and fund investments in several early-stage low-carbon opportunities.
The company’s 2023 production guidance is between 1.76 million and 1.8 million boeps. ConocoPhillips chief executive Ryan Lance said: “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.
“Our deep and diversified portfolio of low cost-of-supply assets continues to generate robust cash flow, enabling us to start the year with an USD11 billion return of capital target.”
We remind, ConocoPhillips submitted a plan to develop an oil discovery in the Norwegian North Sea for 10.5 B Norwegian crowns (USD1.10 B), the first of an expected rush of new petroleum projects to be launched in Norway this year. Known as Eldfisk North, the development is part of the wider Ekofisk area, where ConocoPhillips has pumped hydrocarbons for more than 50 years.
mrchub.com