The company said total annual production in 2023 was 1,826 MBOED, an increase of 88 MBOED (5%) from 2022, and that cash provided by operating activities was $20.0 billion, lower than the $28.3 billion in 2022.

1. 01

   The company said total annual production in 2023 was 1,826 MBOED, an increase of 88 MBOED (5%) from 2022, and that cash provided by operating activities was $20.0 billion, lower than the $28.3 billion in 2022.

2. 02

   The company attributed the decrease in cash provided by operating activities from 2022 mainly to lower realized commodity prices across all products. It said higher sales volumes, net of associated production and operating costs, partly offset this decline.

3. 03

   ConocoPhillips said it acquired the remaining 50% working interest in Surmont for $2.7 billion in cash in October 2023. It said the deal includes up to $0.4 billion CAD (about $0.3 billion) in contingent payments and was funded by new long-term debt.

4. 04

   The company said it returned $5.6 billion to shareholders through the ordinary dividend and VROC and $5.4 billion through share repurchases in 2023, for a total of $11.0 billion. It announced a planned return of capital of $9 billion for 2024.

Key figures

Fiscal year ended December 31, 2023

Revenue

$48.5B

Net income

$11.0B

EPS

$9.06

Operating cash flow

$20.0B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.