ConocoPhillips $COP reported better than expected second quarter earnings before the market opened Thursday. $COP is the largest U.S. based independent exploration and production firm.
ConocoPhillips $COP reported better than expected second quarter earnings 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, Royal Dutch Shell $RDS and Chevron $CVX report tomorrow.
Earnings: Earnings per share excluding special items 14 cents beat consensus estimate of 2 cents loss per share. Revenues $8,882 million beat consensus estimate of $6,735 million.
Reaction: ConocoPhillips NYSE: COP Pre-market: 44.00 +0.30 (+0.69%)
- Total production 1,437 thousand barrels of oil equivalent per day (MBOE/D), down from 1,546 MBOE/D in the year ago quarter period.
- The total realized price of hydrocarbon was $36.08 per barrel of oil equivalent (BOE), against $27.79 per BOE in the April to June quarter of 2016, implying higher average realized prices across all commodities.
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.
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