Insight
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.
Table of contents
- Previous earnings recap
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Insight
US upstream week in brief: Q1 2024 archive
The US week in brief highlights the need-to-know current events from US upstream. Stories are supplemented with proprietary Woodmac views.
$1,350
Commodity Market Report
Global products market weekly: Refining margins ease as crude continues to climb on geopolitical tensions
Weekly review of global refining margins across NW Europe, the Med, US Gulf Coast, New York Harbour, Singapore and the Middle East Gulf.
$1,050
Insight
Webinar: Oil & Gas Corporate Strategic Briefing - March 2024
On 21 March 2024, experts from our Corporate Research team discussed key topical themes impacting the oil and gas sector.
$1,350