that would be a big surprise to me since NG prices have steadily improved this quarter and oil prices have held steady. I would expect a few cents beat and hoping for good guidance on GOM and even better a dividend increase this quarter or next.
Simmons & Co. went more bearish on ConocoPhillips COP -0.25% than your average Wall Street bear, reducing its expectations for first-quarter earnings on lower commodity prices, especially bitumen prices. And about 7% of ConocoPhillips’ first-quarter output is bitumen, a larger-than-average exposure among major oil companies.
Simmons cut its first-quarter earnings expectations for ConocoPhillips to $1.30 a share from $1.40. Simmons’ first-quarter estimate is about 7% below Wall Street’s.
First-quarter production is seen at the middle of ConocoPhillips guidance of 1.58 to 1.6 million barrels of oil equivalent a day, Simmons said.
“For full year 2013, we expect total production to decline by just over 3%.