(Reuters) -ConocoPhillips reported a 23% jump in fourth-quarter profit on Thursday, as the U.S. shale producer benefited from higher prices for its crude oil on tight supplies and robust demand.
Shares of the company, which declared a variable dividend of 60 cents, rose 1% to $118.80 in premarket trade.
Crude prices remained elevated during 2022 from strong demand and shortages since Russia’s invasion of Ukraine, and analysts expect Western energy firms to show a combined $200 billion profit for the year.
Production was 1.758 million barrels of oil equivalent per day (boed) for the last three months of 2022, an increase of 150,000 boed from the same period a year ago.
ConocoPhillips said it plans to return $11 billion to shareholders in 2023, while full-year production is expected to be between 1.76 million and 1.80 million boed.
The company expects capital expenditure to be between $10.7 billion and $11.3 billion this…
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