ConocoPhillips Follows Strong 2022 with LNG, Alaska Buildouts

February 3, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--The four magic words for oil profits--"tight supplies, high demand"--made ConocoPhillips' (NYSE:COP) (Houston, Texas) 2022 profits its highest in more than a decade. The oil and gas giant now expects to produce between 1.76 million and 1.8 million barrels per day (BBL/d) of oil equivalent in 2023, with up to $2 billion of investment toward four projects expected to bolster sales and profits for years to come.

Industrial Info is tracking more than $6.6 billion worth of projects worldwide from ConocoPhillips, more than half of which is attributed to projects in the U.S. and Canada. In November, ConocoPhillips signed a 20-year sale and purchase agreement with Sempra Energy (NYSE:SRE) (San Diego, California) to buy 5 million tons per annum of LNG from Phase I of Port Arthur LNG.