The company said it raised net proceeds of about $1.7 billion from its underwritten public offering of notes in January 2023, and about $2.0 billion from its offering in November. In November, it used part of the net proceeds to repay $1.0 billion in borrowings under the Term Loan Facility.

1. 01

   The company said it raised net proceeds of about $1.7 billion from its underwritten public offering of notes in January 2023, and about $2.0 billion from its offering in November. In November, it used part of the net proceeds to repay $1.0 billion in borrowings under the Term Loan Facility.

2. 02

   The company said net growth capital expenditures, net of contributions from noncontrolling interests and including net contributions to unconsolidated affiliates, were $2,224.5 million in 2023, up from $1,177.2 million in 2022. It estimates it will invest net growth capital expenditures of $2.3 billion to $2.5 billion in 2024 on the projects it has disclosed.

3. 03

   The company said the increase in net cash provided by operating activities was driven by higher settlements on hedge transactions and lower payments for product purchases and fuel, partially offset by lower collections from customers. It cited lower net cash used in investing activities, mainly due to higher outlays for acquisitions of assets in the Delaware Basin and South Texas in 2022.

4. 04

   The company said a significant portion of margin across its operations, particularly in the Downstream Business, comes from fee-based contracts, and that this margin, together with its hedging arrangements, helps mitigate exposure to commodity price movements. It also said its percent-of-proceeds contracts create direct exposure to changes in energy prices.

Key figures

Fiscal year ended December 31, 2023

Revenue

$13.5B

Operating income

$2.6B

Net income

$1.3B

EPS

$3.66

Operating cash flow

$3.2B

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.