ConocoPhillips reported this week a fourth-quarter profit of $2.6 billion, or $1.98 a share, from a loss of $800 million or 72 cents a share in the year-ago quarter.
The Houston-based company with significant operations in Oklahoma said adjusted earnings in the latest quarter totaled $2.27 a share. Revenue rose to $15.96 billion from $6.05 billion.
Full-year 2021 earnings were $8.1 billion, or $6.07 per share, compared with a full-year 2020 loss of $2.7 billion, or ($2.51) per share. Excluding special items, full-year 2021 adjusted earnings were $8.0 billion, or $6.01 per share, compared with a full-year 2020 adjusted loss of $1.0 billion, or ($0.97) per share.
In addition, ConocoPhillips announced a $1 billion increase in expected 2022 return of capital to shareholders to a new total of $8 billion, an increase of more than 30% over 2021. The company declared both an ordinary dividend of 46 cents per share and a second-quarter variable return of cash (VROC) payment of 30 cents per share, a 50% increase over the first-quarter VROC. Combined, the targeted 2022 ordinary dividend and VROC represent a more than 50% increase in cash return to shareholders compared to 2021.
“Our strong fourth-quarter results capped a transformative year for our company as we continue to deliver on our Triple Mandate,” said Ryan Lance, ConocoPhillips chairman and chief executive officer. “It has been a remarkable year for the company, and I could not be more proud of our employees.”
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