ConocoPhillips Reports Fourth-Quarter and Full-Year 2016 Results
“Our recent performance highlights the significant changes we’ve made as a company to respond to a world of lower and more volatile commodity prices,” said Ryan Lance, chairman and chief executive officer.
“For the second quarter in a row our cash from operating activities exceeded capital expenditures and dividends paid. Our capital intensity and cost structure are dramatically lower, we’ve increased our dividend, and our debt reduction and share buyback programs are underway. We are delivering our operational milestones and our 18 BBOE of resources with an average cost of supply less than $40 per barrel Brent represents a deep source of high-return future investments. Our disciplined, returns-focused value proposition will enable us to deliver predictable performance to shareholders through the cycles.”2016 Summary Achieved full-year production excluding Libya of 1,567 MBOED; 3 percent production growth adjusted for downtime and dispositions. Capital expenditures of $4.9 billion, a more than 50 percent reduction compared with 2015. Reduced production and operating expenses by 19 percent year over year; reduced adjusted operating costs by 19 percent year over year. Achieved project startups at APLNG Train 2 in Australia, Foster Creek Phase G and Christina Lake Phase F in Canada, Alder in Europe, Malikai in Malaysia, and Bohai wellhead platform J in China. Significant discovery at the Willow prospect in Alaska. Generated proceeds of $1.3 billion from asset dispositions. Announced preliminary year-end proved reserves of 6.4 billion BOE. Initiated $3 billion share buyback program in mid-November. Source / More : ConocoPhillips Oil and Gas News Undiluted !!! “The squeaky wheel gets the oil” Follow us: @OilAndGasPress on Twitter | OilAndGasPress on Facebook]]>