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ConocoPhillips reported better than expected first quarter earnings before the market opened Thursday. Houston based $COP is the largest U.S. based independent exploration and production firm based on production volumes. conocophillips workers offshore

Earnings

Earnings per share excluding special items at 96 cents, beating consensus estimate of 76 cents. Revenues of $8,961 million beat the consensus estimate of $8,601.4 million.

ConocoPhillips NYSE: COP

Reaction April 26, 3:36 PM EDT 67.08 ▲ 2.01 (+3.08%)

Highlights

  • Total production during the first-quarter 2018 1,269 thousand barrels of oil equivalent per day (MBOE/D), down from 1,593 MBOE/D in the year ago quarter period.
  • For first-quarter 2018, the total realized price of hydrocarbon was recorded at $50.49 per barrel of oil equivalent (BOE), higher than $36.18 per BOE in the January to March quarter of 2017.
  • Average realized price for oil was $65.49 a barrel, up from $50.97 in the year-earlier quarter.
  • Natural gas liquids were sold at $28.37 a barrel, up from $24.87 in the year-ago quarter.
  • The price of natural gas was $5.13 per thousand cubic feet, up from $3.84 in first-quarter 2017.

Outlook

  • ConocoPhillips reiterated its 2018 capital spending at $5.5 billion.
  • For the April-to-June quarter of this year, the company projects production in the range of 1,170-1,210 MBOED.
  • For 2018, the company’s production projection was raised from 1,195 -1,235 MBOED to 1,200-1,240 MBOED.

ConocoPhillips reported that in the first quarter of 2018 they bought back $0.5 billion in common stock and increased their buyback program by 33% to $2 billion.

ConocoPhillips wins $2bn arbitration against Venezuela

ConocoPhillips announced yesterday it won a $2bn arbitration hearing against Venezuelan state oil company PDVSA relating to a change in contract terms on two heavy oil projects in which ConocoPhillips invested in 2007.

The ruling by an International Chamber of Commerce panel is final and binding, and represents more than 20% of the Venezuelan government's foreign currency reserves,  according to Bloomberg.

ConocoPhillips is pursuing separate legal action against Venezuela under the World Bank investment dispute mechanism. The World Bank has already ruled that Venezuela broke international law when it nationalized Conoco s stakes in the two fields, and proceedings to determine a level of compensation are ongoing.

Venezuela faces 22 additional arbitration cases at theWorld Bank.

Previous Earnings

ConocoPhillips $COP Beat Earnings and Revenue on Higher Prices

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.

Source: ConocoPhillips, Bloomberg

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