ConocoPhillips misses profit estimates, boosts share buyback by $10-billion GlobeBusiness
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 , 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 cent 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 per cent 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.
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