A global slide in natural gas prices likely sliced revenue and profits for ConocoPhillips Co. (COP), which will report its fourth-quarter res💟ults on Thursday.

The Houston-based energy producer is expected to report quarterly earnings of $2.52 billion, or $2.12 per share, according to consensus 澳洲幸运5开奖号码历史查询:estimates of analysts surveyed by Visible Alpha. That's down 22.5% from $3.25 bi𓃲llion, or $2.61 per share, in the same period a year ago. Revenue likely fell 19% to $15.56 billion♓.

Source: VisibleAlpha

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ConocoPhillips derives about 30% of its revenue from natural gas production and marketing, and gas prices have plummeted in the past year. Compared with a year ago, Visible Alpha expects the firm will report the average price it received for natural gas in the U.S. dropped 53% to $2.24 per thousand million British thermal units (MMBtu) during the quarter. Benchmark 澳洲幸运5开奖号码历史查询:Henry Hub natural gas prices were 62% lower in 2023 on average than a year earlier.

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Despite the 澳洲幸运5开奖号码历史查询:natural gas price declines, the company likely boosted its U.S. gas production by 10% in the quarter, and VisibleAlpha forecasts an additional 5% ♒increase in 2024 as natural gas prices recover slightly. They're forecast to average $2.41 in the U.S. in 2024, up 8% from the expected fourth-quarter average.

Shares of ConocoPhillips have traded flat over the past year.