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  • sollid_companiess_only sollid_companiess_only Aug 1, 2013 7:44 AM Flag

    COP Reports Quarterly Results: Profit Falls by 10%


    ConocoPhillips Reports Second-Quarter 2013 Results: Strategic Plan on Track, Raising Full-Year Production Guidance

    ConocoPhillips (COP) today reported second-quarter 2013 earnings of $2.1 billion, or $1.65 per share, compared with second-quarter 2012 earnings of $2.3 billion, or $1.80 per share. Second-quarter 2012 reported earnings included $0.5 billion from downstream operations prior to the separation of Phillips 66 on April 30, 2012.

    Excluding special items, second-quarter 2013 adjusted earnings were $1.8 billion, or $1.41 per share, compared with second-quarter 2012 adjusted earnings of $1.5 billion, or $1.19 per share. Special items for the current quarter primarily related to favorable outcomes from pending claims and settlements.

    • Strong second-quarter production performance; raising full-year production guidance.
    • Second-quarter production of 1,552 MBOED, including continuing operations of 1,510 MBOED and discontinued operations of 42 MBOED.
    • Major turnarounds and tie-in activity on plan.
    • Eagle Ford production of 121 MBOED, up 98 percent compared with second-quarter 2012.
    • Christina Lake Phase E startup in July; four additional major projects on track for startup by year end in the North Sea and Malaysia.
    • Exploration momentum continues with drilling in the Gulf of Mexico, Australia’s Browse Basin, and unconventional plays in Canada and the Lower 48.
    • Increased quarterly dividend by 4.5 percent.

    “We are delivering on our 3 to 5 percent growth targets for both volumes and margins and have raised our full-year production guidance,” said Ryan Lance, chairman and CEO. “We also reaffirmed our commitment to shareholders, and confidence in our long-term plans, by increasing the dividend rate in July.

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    • Despite 10% fall in profits, Bloomberg says COP's results beat street estimates:

      COP, the largest independent U.S. oil and natural gas producer, raised its full-year production forecast as it reported second-quarter profit that surpassed estimates.

      Net income dropped to $2.05 billion, or $1.65 a share, from $2.27 billion, or $1.80, a year earlier, Houston-based ConocoPhillips said in a Business Wire statement today. Excluding certain one-time items, per-share profit was 12 cents higher than the $1.29 average of 21 analysts’ estimates compiled by Bloomberg.

      The global explorer has been selling assets for more than three years as it seeks to focus on its most profitable holdings. The company said in today’s statement it expects proceeds of about $9 billion this year from agreements to sell properties in Algeria, Nigeria and its stake in the Kashagan project in Kazakhstan.

      ConocoPhillips had said previously that project maintenance and preparations to boost oil and gas production would lower output in the second and third quarters compared with the year’s first three months.

      “This is really a transition year for the company,” Brian Youngberg, an analyst with Edward Jones in St. Louis, said in a phone interview before the results were released. “This should be the bottom and then they expect growth” in production.

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