ConocoPhillips (NYSE: COP) shares was in the green Tuesday, on fourth-quarter and full-year financial figures.
The Houston-based oil giant reported fourth-quarter 2019 earnings of $0.7 billion, or $0.65 per share, compared with fourth-quarter 2018 earnings of $1.9 billion, or $1.61 per share. Excluding special items, fourth-quarter 2019 adjusted earnings were $0.8 billion, or $0.76 per share, compared with fourth-quarter 2018 adjusted earnings of $1.3 billion, or $1.13 per share.
Special items for the current quarter included primarily a non-cash impairment related to a planned Lower 48 disposition, partially offset by an unrealized gain on Cenovus Energy equity.
Full-year 2019 earnings were $7.2 billion, or $6.40 per share, compared with full-year 2018 earnings of $6.3 billion, or $5.32 per share.
Excluding special items, full-year 2019 adjusted earnings were $4.0 billion, or $3.59 per share, compared with full-year 2018 adjusted earnings of $5.3 billion, or $4.54 per share.
Cash provided by operating activities was $11.1 billion. Excluding working capital, cash from operations of $11.7 billion exceeded capital expenditures and investments, generating free cash flow of more than $5 billion.
According to CEO Ryan Lance, "Strong 2019 performance capped off a highly successful three-year period in which we transformed our business model and significantly improved our underlying performance drivers across the company."
Moreover, ConocoPhillips announced a quarterly dividend of 42 cents per share, payable March 2, to stockholders of record at the close of business on Feb. 14.
Shares moved up 42 cents to $59.60
