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Investors have made higher returns a key priority, pressing oil
and gas drillers to boost buybacks and dividends instead of
growing production at a time when commodity pricing remains
volatile.
Conoco said its realized price per barrel fell 11.3% in the
quarter.
Oil prices have taken a hit from the prolonged trade war between
the United States and China, and a glut of shale supply in North
America.
The company confirmed it would spend $6.5 billion to $6.7
billion in 2020 and said it expects its annual production to
range from 1.230 to 1.270 million barrels of oil equivalent per
day (boe/d), which includes the impact of a recent third-party
pipeline outage on the Kebabangan Field in Malaysia.
ConocoPhillips said in November it would boost its oil and gas
production by about 3% per year, restrain annual spending to
about $7 billion and return $50 billion to shareholders over the
next decade.
The Houston-based company's adjusted net income fell 36.5% to
$831 million in the quarter ended Dec.31. as it bore the brunt
of lower output and realized crude prices.
On a per share basis, it earned 76 cents, while analysts had
expected a profit of 80 cents, according to IBES data from
Refinitiv.
Total production, excluding Libya, fell by 24,000 boe/d to 1.289
million boe/d.
(Reporting by Shanti S Nair in Bengaluru; Editing by Maju
Samuel)
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