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US Independents Q4 2022 earnings recap

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05 March 2023

US Independents Q4 2022 earnings recap

Report summary

US independents have finished reporting Q4 results this week, including key large caps ConocoPhillips, Occidental, EOG, Pioneer and Devon. We take a look at the aggregated data for these companies, adding some qualitative thoughts on trends in the quarter and for the full year. It was a record-breaking year for US Independent cash flow, the culmination of the first full upcycle for oil prices in the capital restraint/return of capital era. Q4 results were both a continuation of strategic trends, and a point of pivot on a couple of key dimensions. The group remains focused on maximizing shareholder distributions, disciplined investment, and modest production growth. But we’ve reached the end of prioritized deleveraging (in aggregate – there are still a few companies in balance-sheet-mending mode). Inventory quality and depth is back in the spotlight. Hedging has (finally) pivoted from headwind to tailwind.

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  • Previous earnings recap

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    US Independents Q4 2022 earnings recap

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