Investing.com -- ConocoPhillips (NYSE:COP) reported fourth-quarter 2024 adjusted earnings that surpassed analyst expectations while also announcing its 2025 guidance and quarterly dividend. The oil and gas giant's shares edged up 0.3% following the news.
The company posted adjusted earnings per share of $1.98 for the quarter, beating the analyst consensus estimate of $1.79 by $0.19. This compares to adjusted earnings of $2.40 per share in the same quarter last year.
ConocoPhillips' fourth-quarter production reached 2,183 thousand barrels of oil equivalent per day (MBOED), marking a 15% increase from the 1,902 MBOED reported in Q4 2023. The company's total average realized price was $52.37 per barrel of oil equivalent (BOE), down 10% from $58.21 per BOE in the year-ago quarter.
"ConocoPhillips continued to deliver on our returns-focused value proposition in 2024, demonstrating strong operational execution, returning $9.1 billion to shareholders and enhancing our portfolio with the acquisition of Marathon Oil (NYSE:MRO)," said Ryan Lance, chairman and chief executive officer.
For 2025, ConocoPhillips announced a planned return of capital target of $10 billion at current commodity prices. The company also declared a first-quarter 2025 ordinary dividend of $0.78 per share.
Looking ahead, ConocoPhillips provided 2025 production guidance of 2.34 to 2.38 million barrels of oil equivalent per day (MMBOED) and set its capital expenditure budget at approximately $12.9 billion for the year.