ConocoPhillips (NYSE:COP) stock rose 2.09% (As on May 5, 11:23:11 AM UTC-4, Source: Google Finance) after the company raised its full-year production outlook as higher oil output helps the U.S. shale producer mitigate the impact of lower prices.  The company’s first-quarter production hit a record 1.79 million boepd, an increase of 45,000 boepd from the same period a year earlier. Higher output helped the company make up for a 21% fall in its total average realized price of $60.86 per barrel of oil equivalent (boe) in the January-March quarter. Benchmark Brent crude averaged $81.24 a barrel in the first three months of 2023, nearly 20% lower from last year but still well above levels that allow oil and gas producers to drill profitably. Crude prices had surged to multi-year highs in 2022 after Russia’s invasion of Ukraine upended global energy markets. The Eagle Ford stabilized the expansion and QatarGas 3 planned turnarounds were both successfully completed. And Lower 48 production was also a record, averaging 1,036,000 barrels of oil equivalent a day, including 694,000 from the Permian; 227,000 from the Eagle Ford; 98,000 from the Bakken. And Lower 48’s underlying production grew 8% year on year with new wells online and strong well performance relative to the expectations across the asset base. In the first quarter, the company had also received $200 million in disposition proceeds.

COP in the first quarter of FY 23 has reported the adjusted earnings per share of $2.38, beating the analysts’ estimates for the adjusted earnings per share of $2.06. The company had reported the adjusted revenue of $15.89 billion in the first quarter of FY 23, beating the analysts’ estimates for revenue of $15.86 billion.

For the current quarter, production is expected to be 1.77 million to 1.81 million boepd. The company raised the midpoint of its annual production forecast range by 10,000 barrels of oil equivalent per day (boepd). Production in 2023 is now expected to be 1.78 million to 1.80 million boepd. For APLNG, the company expects distributions of 350 million to 400 million in the second quarter. And for the full year, the company expects APLNG distributions of 1.8 billion

The company repurchased $1.7 billion of shares and paid $1.5 billion in ordinary dividends and VROC (variable return of cash) in the first-quarter. The company expects to return $11 billion to the shareholders this year.