ConocoPhillips reported fourth-quarter 2018 earnings of $1.9 billion compared with fourth-quarter 2017 earnings of $1.6 billion. Excluding special items, fourth-quarter 2018 adjusted earnings were $1.3 billion compared with fourth-quarter 2017 adjusted earnings of $500 million.
Special items for the most recent quarter included a gain from the sale of a partial interest in UK Clair field, deferred tax adjustments, and amounts recognized from the PDVSA International Chamber of Commerce (ICC) settlement, partially offset by unrealized losses on Cenovus Energy equity.
Full-year 2018 earnings were $6.3 billion compared with a full-year 2017 net loss of $900 million. Excluding special items, full-year 2018 adjusted earnings were $5.3 billion compared with full-year 2017 adjusted earnings of $700 million.
Production for the fourth quarter, excluding Libya, was 1.31 million boe/d, an increase of 94,000 boe/d compared with the same period a year ago. The increase was primarily due to growth from the Big 3 unconventionals, development programs primarily in Europe and Alaska, and production from major project startups, which more than offset normal field decline. Production achieved the high end of guidance largely due to partner-operated production in Lower 48 and resumption of gas exports at the Kebabangan (KBB) field in Malaysia. Production from Libya was 44,000 boe/d.
For the quarter, cash provided by operating activities was $3.8 billion. Excluding a $600 million change in operating working capital, ConocoPhillips generated $3.2 billion in CFO.
The company also incurred $1.6 billion in capital expenditures and investments, $900 million for share repurchases, and $400 million for dividends.
