- ConocoPhillips (COP) flat premarket as Q4 earnings rose 74%, boosted by $7B in proceeds from asset sales including the strategic sale of its interest in the Kashagan and the Algeria business.
- Production from continuing operations during Q4 averaged 1.473B boe/day, 93M lower than Q4 2012; preliminary year-end 2013 proved reserves are 8.9B boe, up 3% Y/Y, while proved organic reserve additions are expected to total ~1.1B boe (a reserve replacement ratio of 179% of 2013 production).
- Expects to deliver 3%-5% production growth in 2014; excluding Libya, FY 2014 production outlook is unchanged at ~1.55B boe/day, with Q1 2014 production from continuing operations seen at 1.49B-1.53B boe/day.
ConocoPhillips Q4 profit higher on asset sales, shares flat
Jan 30 2014, 07:47 ET