Free Post Earnings Research Report: ConocoPhillips' Revenue Jumped 11%; Turned Profitable Y-O-Y

2017-11-28

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LONDON, UK / ACCESSWIRE / November 28, 2017 /Active-Investors' free earnings report on ConocoPhillips (NYSE: COP) has freshly been issued to its members. You can also sign up to view this report at www.active-investors.com/registration-sg/?symbol=COP. ConocoPhillips reported its third quarter fiscal 2017 operating results on October 26, 2017. The Oil & Gas Company surpassed top- and bottom-line expectations. Register today and get free access to our complimentary member's area, where many more reports are available:www.active-investors.com/registration-sg.

Active-Investors.com is currently working on the research report for Tengasco, Inc. (NYSE American: TGC), which also belongs to the Basic Materials sector as the Company ConocoPhillips. Do not miss out, become a member today for free to access this upcoming report at: www.active-investors.com/registration-sg/?symbol=TGC.

Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, ConocoPhillips' most recent news is on our radar and we have decided to include it on our blog post. Today's free coverage is available at: www.active-investors.com/registration-sg/?symbol=COP.

Earnings Highlights and Summary

For the quarter ended September 30, 2017, ConocoPhillips' (NYSE: COP) reported revenue and other income $7.20 billion, compared to $6.52 billion in Q3 2016. The Company's revenue exceeded analysts' estimates of $6.55 billion.

During Q3 2017, ConocoPhillips reduced y-o-y production and operating expenses by 20% on a y-o-y basis to $1.22 billion, while the Company's adjusted operating costs declined by 15% on a y-o-y basis.

For Q3 2017, ConocoPhillips reported earnings of $420 million, or $0.34 per share, compared to Q3 2016 loss of $1.04 billion, or $0.84 per share. Excluding special items, the Company's reported quarter adjusted earnings were $0.2 billion, or $0.16 per share, compared to the year ago comparable period adjusted loss of $0.8 billion, or $0.66 per share. ConocoPhillips' adjusted earnings improved due to higher realized prices, reduced depreciation expense, lower exploration expense, and impacts from dispositions. The Company's earnings beat Wall Street's estimates of $0.09 per share.

Operation Details

ConocoPhillips' production excluding Libya for Q3 2017 was 1,202 thousand barrels of oil equivalent per day (MBOED), reflecting a decrease of 355 MBOED compared to Q3 2016. Excluding the volume impact from closed and signed dispositions of 58 MBOED in Q3 2017 and 429 MBOED in Q3 2016, the Company's underlying production increased 1.4% on a y-o-y basis, attributed to ramp up of several major projects and multiple development programs.

During Q3 2017, ConocoPhillips' Eagle Ford production was impacted by 15 MBOED from Hurricane Harvey, but was fully restored by quarter end. Record production was achieved at Surmont and appraisal activity continues at Montney in Canada. In Alaska, the first well was spud at 1H NEWS, which remains on track for first oil by year-end. The Company's production from Libya was 24 MBOED for the reported quarter.

For Q3 2017, ConocoPhillips' total realized price was $39.49 per barrel of oil equivalent (BOE) compared to $29.78 per BOE in Q3 2016, reflecting higher average realized prices across all commodities.

Cash Matters

During Q3 2017, ConocoPhillips' cash provided by operating activities was $1.1 billion. This was reduced by a $0.6 billion US pension fund contribution driven by a discretionary decision to accelerate funding of future obligations. The Company funded $1.1 billion in capital expenditures and investments and paid dividends of $0.3 billion. In addition, ConocoPhillips received proceeds from asset dispositions of $3.0 billion, paid $2.5 billion to reduce debt, and repurchased $1.0 billion of its common stock.

During Q3 2017, ConocoPhillips repurchased $1.0 billion in shares, which reduced ending share count by 2% from the end of Q2 2017. The Company noted that it is on track for $3 billion in share repurchases in 2017. ConocoPhillips reduced balance sheet debt by $2.4 billion and received credit rating upgrade.

Outlook

ConocoPhillips' fourth-quarter and full-year 2017 production is expected to be 1,195 to 1,235 MBOED and 1,350 to 1,360 MBOED, respectively. This excludes Libya and reflects expected impacts from the Barnett disposition. The Company's FY17 guidance for capital expenditures has been lowered to $4.5 billion.

ConocoPhillips' expects to reduce debt to less than $20 billion by year-end 2017, and expects full-year share repurchases of $3 billion, accelerating performance on a per debt-adjusted share basis.

Stock Performance Snapshot

November 27, 2017- At Monday's closing bell, ConocoPhillips' stock dropped 2.60%, ending the trading session at $49.16.

Volume traded for the day: 6.36 million shares, which was above the 3-month average volume of 5.94 million shares.

Stock performance in the last three-month - up 14.19%; previous six-month period - up 9.76%; and past twelve-month period - up 7.45%

After yesterday's close, ConocoPhillips' market cap was at $59.60 billion.

The stock has a dividend yield of 2.16%.

The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry.

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