American oil company ConocoPhillips reported about receiving a record annual profit over the past ten years. At the end of 2022, the oil producer’s profit reached $18.68 billion, which was the best indicator since the company separated the oil refining business into a separate structure. In 2021, the company’s profit was $8.1 billion.
However, ConocoPhillips shares are down about 3% in over-the-counter trading as investors expected the company’s earnings to be even higher.
2022 has been a hugely successful year for oil companies, which have benefited from rising global oil prices. That rose in price in 2022 by an average of 10.45%. So, in the fourth quarter of 2022, ConocoPhillips sold oil at an average of $71.05 per barrel, which is 8% higher than 2021 prices.
Previously reported record annual profits ExxonMobil, Chevron and Shell.