(Reuters) -ConocoPhillips reported a jump in fourth-quarter profit on Thursday, as the U.S. shale producer benefited from higher prices for its crude oil on tight supplies and robust demand.
Crude prices remained elevated during 2022 from strong demand and shortages since Russia’s invasion of Ukraine, and analysts expect Western energy firms to show a combined $200 billion profit for the year.
This has, however, sparked fresh calls to further tax the sector.
Production was 1.758 million barrels of oil equivalent per day (boed), an increase of 150,000 boed from the same period a year ago.
Total average realized price was $71.05 per barrel of oil equivalent, ConocoPhillips said, 8% higher from a year earlier.
The Houston-based company reported earnings of $3.2 billion, or $2.61 per share, for the three months ended Dec.31, compared with $2.6 billion, or $1.98 per share, a year earlier.
(Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila)
