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Earnings Review and Free Research Report: ConocoPhillips Reported Adjusted Earnings and Underlying Profits; Revenue Surged 59%

Research Desk Line-up: EOG Resources Post Earnings Coverage

LONDON, UK / ACCESSWIRE / August 9, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on ConocoPhillips (NYSE: COP), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=COP, following the Company's announcement of its financial results on July 27, 2017, for Q2 FY17. The Company returned to an underlying profit in Q2 FY17, after losing $1.07 billion in Q2 FY16. ConocoPhillips also noted that cash provided by operating activities exceeded capital expenditures and dividends for the fourth consecutive quarter. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Independent Oil & Gas industry. Pro-TD has currently selected EOG Resources, Inc. (NYSE: EOG) for due-diligence and potential coverage as the Company reported on August 01, 2017, its financial results for Q2 2017. Register for a free membership today, and be among the early birds that get access to our report on EOG Resources when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on COP; also brushing on EOG. With the links below you can directly download the report of your stock of interest free of charge at:

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Earnings Reviewed

ConocoPhillips' revenues in Q2 FY17 clocked at $8.88 billion compared to sales of $5.58 billion in Q2 FY16.

The Company's total realized price was $36.08 per barrel of oil equivalent (BOE) in Q2 FY17 compared with $27.79 per BOE in Q2 FY16, reflecting higher average realized prices across all commodities.

ConocoPhillips' reported Q2 FY17 loss of $3.44 billion, or loss of $2.78 per share, compared with a Q2 FY16 loss of $1.07 billion, or loss of $0.86 per share. The Company reasoned that Q2 FY17 loss widened on a y-o-y basis to non-cash impairments of APLNG, primarily driven by reduced price forecasts, and the previously announced San Juan and Barnett dispositions, partially offset by gains from the earlier announced Canada disposition, higher realized prices, lower depreciation expense, and lower exploration expenses.

The Company reported adjusted earnings of $178 million in Q2 FY17 compared to a loss of $985 million in Q2 FY16, denoting a return to profits compared to the same quarter a year ago. Adjusted earnings per share of common stock announced by the Company in Q2 FY17 were $0.14 compared to a loss of $0.79 in earnings per share of common stock in Q2 FY16.

The earnings per share, excluding special items, beat estimates of $0.02 loss per share and revenues estimated at $6.74 billion.

Segment Information

In Q2 FY17, ConocoPhillips' production, excluding Libya, was 1,425 thousand barrels of oil equivalent per day (MBOED), noting a decrease of 121 MBOED compared to Q2 FY16. The Company's underlying production increased 30 MBOED, or 3% y-o-y, excluding Q2 FY17 impact from closed and signed dispositions of 278 MBOED compared to 429 MBOED in the year ago same period.

ConocoPhillips reported that in the Eagle Ford, Bakken, and Permian, 12 operated drilling rigs were running in the Lower 48 during Q2 FY17. The Company reported that construction activity was completed at GMT 1 and the 1H NEWS drill site facilities are ready for startup in Alaska. Turnarounds were successfully completed on KBB, Malikai, and APLNG, and in the United Kingdom, Norway, the Western North Slope, and Canada. Production from Libya was 12 MBOED, the Company reported.

Cash Matters

In Q2 FY17, ConocoPhillips reported $1.75 billion in cash generated from operating activities and excluding a $0.11 billion change in operating working capital, $1.64 billion in cash from operations was generated in the reported quarter.

ConocoPhillips also received proceeds from asset dispositions of $10.7 billion in Q2 FY17. The Company paid dividends of $0.3 billion, paid $3.2 billion towards debt reduction, purchased $2.5 billion in short-term investments, and repurchased $1.0 billion of its common stock in Q2 FY17. ConocoPhillips also spent $1.0 billion in capital expenditures and investments in the reported quarter.

Outlook

ConocoPhillips expects production to be 1,170 to 1,210 MBOED for Q3 FY17, which excludes Libya and reflects expected impacts from the San Juan, Barnett, and Panhandle dispositions. For the full-year 2017, production is expected to be 1,340 to 1,370 MBOED with full-year guidance for capital expenditures lowered to $4.8 billion.

The Company also expects to reduce debt to less than $20 billion by year-end 2017, and expects full-year share repurchases of $3 billion with accelerating production growth on a per-share basis.

ConocoPhillips has also reduced its full-year guidance for depreciation, depletion, and amortization to $7.0 billion and the corporate segment's net expense guidance has been pegged at $1.3 billion, decreasing to $1.0 billion on an adjusted basis, which reflects tax impacts following the announced dispositions and lower interest expense from early debt retirement.

ConocoPhillips anticipates production and operating expenses to be around $5.0 billion, which results in adjusted operating costs of $5.7 billion due to asset sales. Dry hole expense guidance issued by the Company is $400 million which results in adjusted dry hole and leasehold impairment expense of $450 million.

Stock Performance

On Tuesday, August 08, 2017, the stock closed the trading session at $45.63, rising 1.02% from its previous closing price of $45.17. A total volume of 8.03 million shares have exchanged hands. ConocoPhillips' stock price advanced 5.53% in the last one month and 9.79% in the previous twelve months. The stock has a dividend yield of 2.32%. The stock currently has a market cap of $56.44 billion.

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SOURCE: Pro-Trader Daily