Houston-based energy company and LNG player, ConocoPhillips reported earnings of $1.6 billion in its fourth quarter of 2017, compared with a loss of $35 million in the same quarter a year before, as oil and gas prices rose.

On a per-share basis, ConocoPhillips posted fourth-quarter net income of $1.32 per share, compared to a net loss of 3 cents per share, in the year-ago period.

The world’s largest independent exploration and production company also reduced its full-year loss to $0.9 billion, as compared to $3.6 billion in 2016.

ConocoPhillips also announced an increase in its distributions to shareholders, consisting of an increase to the quarterly dividend and an increase in the previously announced planned 2018 share repurchases.

The company’s board of directors approved a 7.5 percent increase to the quarterly dividend, from 26.5 cents to 28.5 cents per share.

Quarterly production dropped 23 percent to 1.2 million barrels of oil equivalent per day, due in part to asset sales.

“2017 was a very successful year by all measures,” said Ryan Lance, chairman and chief executive officer. “We accelerated our disciplined, returns-focused value proposition and delivered on our strategic priorities. We transformed our portfolio, strengthened our balance sheet, returned 61 percent of cash flow from operations to shareholders through our dividend and buyback program, and achieved our operational milestones, including 200 percent organic reserve replacement.”

He went on to say that the company entered 2018 with “strong operational and financial momentum.”

“While the outlook for commodity prices has improved, our operating plan remains unchanged and we have already taken clear actions to demonstrate our commitment to maintain discipline and follow our priorities,” said Lance.