ConocoPhillips $COP reported better than expected third quarter earnings and maintained production levels but lowered capex before the market opened Thursday. $COP is the largest U.S. based independent exploration and production firm.
ConocoPhillips $COP reported better than expected third quarter earnings and maintained production levels but lowered capex before the market opened Thursday. $COP is the largest U.S. based independent exploration and production firm, (based on production volumes (1.6 million barrels of oil equivalent per day). ConocoPhillips first quarter results were the first profit after a series of losing quarters, helped by tax benefits and higher realized prices.
Oil majors Exxon Mobil $XOM and Chevron $CVX report tomorrow.
Earnings: Net income of $400 million or 34 cents per share after a loss of $1 billion or 84 cents a share, in the year-earlier period. Adjusted per-share earnings of 16 cents beating the FactSet consensus of 8 cents.
Reaction: ConocoPhillips NYSE: COP Pre-market $49.96 -1.03 – 2.02%
$COP is maintaining its production targets for the full year, “despite impacts from Hurricane Harvey, which were offset by increased volumes from our globally diverse portfolio.”
The company lowered its capex guidance for the year to $4.5 billion, down 10% from previous guidance.
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About ConocoPhillips ConocoPhillips explores for, produces, transports and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG) and NGLs worldwide. Conoco’s portfolio includes resource rich North American tight oil and oil sands assets; lower-risk legacy assets in North America, Europe, Asia and Australia; various international developments; and an inventory of conventional and unconventional exploration prospects. strong>Live From The Pit