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Exhibit 99.1
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HOUSTON--(BUSINESS WIRE)--February 3, 2022--ConocoPhillips (NYSE: COP) today reported fourth-quarter 2021 earnings of $2.6 billion, or $1.98 per share, compared with a fourth-quarter 2020 loss of $0.8 billion, or ($0.72) per share. Excluding special items, fourth-quarter 2021 adjusted earnings were $3.0 billion, or $2.27 per share, compared with a fourth-quarter 2020 adjusted loss of $0.2 billion, or ($0.19) per share. Special items for the current quarter were primarily comprised of non-cash impairments related to the company’s existing investment in APLNG and noncore assets in Lower 48, partially offset by a gain on Cenovus Energy (CVE) equity.
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 today 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. “During 2021, we strengthened our outstanding low cost of supply portfolio. We closed and successfully integrated the Concho acquisition while exceeding our synergy targets, acquired and began to integrate the accretive Shell Permian position into our portfolio, and announced both the sale of our Indonesia assets and acquisition of additional interest in APLNG. We generated a 14% return on capital employed and returned $6 billion, or 38% of our cash from operations, to shareholders through ordinary dividends and share repurchases, and today announced an expected $8 billion total return of capital to shareholders in 2022. We continued to advance our commitment to ESG excellence, announcing plans to further reduce both our net and gross emissions intensity by 2030. It has been a remarkable year for the company, and I could not be more proud of our employees.”
Full-Year 2021 Summary and Recent Announcements
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Conocophillips's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
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See Note 3 o o Lower dry hole expenses.
Lower dry hole expenses.
($MM) 3,170 Consolidated Operations Crude oil (MBD) Natural gas liquids (MBD) Natural gas (MMCFD) Crude oil ($ per bbl) 43.30 64.94 Natural gas liquids ($ per bbl) 23.27 29.37 Natural gas ($ per mcf) 3.23 4.92 Net Income Attributable to ConocoPhillips Higher sales volumes of crude oil and LNG.
See Item 1A-Risk Factors - Existing and future laws, regulations and internal initiatives relating to global climate changes, such as limitations on GHG emissions may impact or limit our business plans, result in significant expenditures, promote alternative uses of energy or reduce demand for our products Note 11 on climate change litigation.
See Note 3 Note 12 Production Higher volumes due to our Concho acquisition.
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Conocophillips provided additional information to their SEC Filing as exhibits
Ticker: COP
CIK: 1163165
Form Type: 10-K Annual Report
Accession Number: 0001562762-22-000031
Submitted to the SEC: Thu Feb 17 2022 1:20:14 PM EST
Accepted by the SEC: Thu Feb 17 2022
Period: Friday, December 31, 2021
Industry: Petroleum Refining