U.S. oil producer ConocoPhillips topped market estimates for fourth-quarter profit on Thursday and boosted its plan for shareholder returns by $1 billion, as it benefited from sharply higher oil and gas prices.

Easing of global travel restrictions and tight supplies have sent crude oil prices to seven-year highs, lifting earnings of shale producers including ConocoPhillips and helping many of them shore up cash to boost investor returns.

ConocoPhillips, which made two multi-billion dollar acquisitions over the last two years, said its production, excluding Libya, rose to 1.6 million barrels of oil equivalent per day (boepd) in the fourth quarter, up by 423,000 boepd from last year.

Most of the increase in the company's output came from the Permian, the top U.S. oilfield, where the company acquired Shell Plc's assets for $8.7 billion during the quarter.

ConocoPhillips' total average realized price was $65.56 per barrel equivalent, up 97%.

The company, which boosted its plans for shareholder returns to $8 billion, said the planned increase will be implemented mainly through share repurchases and variable dividends.

Top U.S. oil producer Exxon launched a $10 billion share buyback plan earlier this week.

ConocoPhillips posted adjusted profit of $2.27 per share for the three months ended Dec. 31, higher than analysts' average estimate of $2.20 per share, according to Refinitiv data.