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ConocoPhillips Message Board

  • futureripplemovers futureripplemovers Jan 30, 2014 9:00 AM Flag

    ConocoPhillips Reports Fourth-Quarter and Full-Year 2013 Results; 2013 Organic Reserve Replacement Ratio of 179 Percent

    ConocoPhillips Reports Fourth-Quarter and Full-Year 2013 Results; 2013 Organic Reserve Replacement Ratio of 179 Percent

    HOUSTON – ConocoPhillips (NYSE: COP) today reported fourth-quarter 2013 earnings of $2.5 billion, or $2.00 per share, compared with fourth-quarter 2012 earnings of $1.4 billion, or $1.16 per share. Excluding special items, fourth-quarter 2013 adjusted earnings were $1.7 billion, or $1.40 per share, compared with fourth-quarter 2012 adjusted earnings of $1.8 billion, or $1.43 per share. Special items for the current quarter primarily related to discontinued operations as a result of a gain from the sale of the Algeria business, partially offset by asset impairments in Canada and the U.K.
    Full-year 2013 earnings were $9.2 billion, or $7.38 per share, compared with full-year 2012 earnings of $8.4 billion, or $6.72 per share. Reported earnings for 2012 included $1.2 billion from downstream operations prior to the separation of Phillips 66 on April 30, 2012. Full-year 2013 adjusted earnings were $7.1 billion, or $5.70 per share, compared with full-year 2012 adjusted earnings of $6.7 billion, or $5.37 per share.
    Highlights
    • Annual organic reserve replacement of 179 percent from reserve additions of approximately 1.1 billion BOE.
    • Fourth-quarter production of 1,518 MBOED, including continuing operations of 1,473 MBOED and discontinued operations of 45 MBOED.
    • Eagle Ford, Bakken and Permian production increased 31 percent compared with fourth-quarter 2012.
    • Major project startups at Ekofisk South and Jasmine, with preparations underway for full-field startup at Gumusut and Siakap North-Petai.
    • Successful exploration activity continued with deepwater Gulf of Mexico discovery at Gila and ongoing exploration at unconventional plays in Canada and the Lower 48.
    • Completed asset sales for proceeds of $7.0 billion in the fourth quarter of 2013, including the strategic sale of our interest in Kashagan and the Algeria business.
    “2013 was a signi

 
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