Energy exploration company ConocoPhillips (NYSE: COP) on Thursday reported a decline in profit and revenues for the fourth quarter of 2023.
Net income, adjusted for special items, decreased 11% year-over-year to $2.40 per share in the three months. The reported profit was $3.0 billion or $2.52 per share in Q4, compared to $3.25 billion or $2.61 per share in the fourth quarter of 2022.
The bottom line was negatively impacted by a 21% fall in revenues and other income to $15.31 billion. At 1,902 MBOED, total production was up 8%.