Still, its shares fell more than 5% to $111.79 on weaker oil prices on the day and a fourth-quarter profit miss.
It also anticipates it will invest about $2 billion in Sempra's Port Arthur LNG facility, of which ConocoPhillips has a 30% stake.
"ConocoPhillips finished 2022 on a solid note with production volumes exceeding consensus forecasts by 1.5%," said Third Bridge analyst Peter McNally.
First quarter production is expected between 1.72 million and 1.76 million boepd, with full-year output of between 1.76 million to 1.8 million boepd, representing growth of 1% to 4%.
On an adjusted basis, the company posted quarterly profit of $2.71 per share, missing expectations of $2.81, according to Refinitiv data.