HOUSTON (dpa-AFX) - ConocoPhillips (COP) reported production for the fourth quarter of 2,183 MBOED, an increase of 281 MBOED from the same period a year ago. After adjusting for impacts from closed acquisitions and dispositions, fourth-quarter production increased 139 MBOED or 6% from a year ago.
Production for 2024 was 1,987 MBOED, an increase of 161 MBOED from prior year. After adjusting for impacts from closed acquisitions and dispositions, production increased 69 MBOED or 3%.
The company's 2025 production guidance is 2.34 to 2.38 million barrels of oil equivalent per day, which includes impacts of 20 MBOED from planned turnarounds. First-quarter production is expected to be 2.34 to 2.38 MMBOED, which includes impacts of 20 MBOED from January weather and 5 MBOED from turnarounds.
The company noted that its guidance for 2025 includes capital expenditures of approximately $12.9 billion.
Ryan Lance, CEO, said: 'Looking ahead, we are focused on achieving more than $1 billion in integration-related run rate synergies by year-end, over half of which is already reflected in our announced capital guidance.'
ConocoPhillips also announced planned 2025 return of capital to shareholders of $10 billion. The company declared a first-quarter ordinary dividend of $0.78 per share payable March 3, 2025, to stockholders of record at the close of business on Feb. 17, 2025.
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