• 4 minutes Why Trump Is Right to Re-Open the Economy
  • 7 minutes Did Trump start the oil price war?
  • 11 minutes Covid-19 logarithmic growth
  • 15 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 18 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 58 mins America’s Corona Tsar, Andrew Fauci, Concedes Covid-19 May Be Just a Bad Flu With a Fatality Rate of 0.1%
  • 18 mins Russia's Rosneft Oil Company announces termination of its activity in Venezuela
  • 7 hours Saudi Arabia Can't Endure $30 Oil For Long
  • 3 hours KSA taking Missiles from ?
  • 5 hours Where's the storage?
  • 8 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 5 hours Western Canadian Select selling for $6.48 bbl. Enbridge charges between $7 to $9 bbl to ship to the GOM refineries.
  • 5 hours Hillary Clinton tweeted a sick Covid joke just to attack Trump
  • 7 hours China extracts record amount of natural gas from Gas Hydrates in South China Sea
  • 9 hours Wait till America opens their Q1 401k Investment Statements and see they have lost 35% of their retirement savings. They can blame the Authoritarian Chinese Communist Party..
  • 10 hours There are 4 major mfg of hydroxychloroquine in the world. China, Germany, India and Israel. Germany and India are hoarding production and blocked exports to the United States. China not shipping any , don't know their policy.
  • 12 hours Oxford Epidemiologist: Here’s Why That Covid-19 Doomsday Model Is Likely Way Off

ConocoPhillips Back In Black In Q3, Further Cuts Capex

Offshore

The largest independent U.S. exploration and production company ConocoPhillips (NYSE:COP) returned to profit in the third quarter with earnings beating analyst estimates, and further cut its capital guidance for 2017 as it focuses on financial and shareholder returns.

ConocoPhillips reported on Thursday Q3 adjusted earnings—excluding special items—of $0.16 per share, compared to a loss of $0.66 per share for the third quarter last year. The Q3 2017 earnings per share (EPS) easily beat the analyst consensus of $0.08.

The company lowered its full-year capital expenditure guidance to $4.5 billion, a 10 percent reduction from initial guidance. This is the second reduction from the initial 2017 guidance of $5.0 billion announced in February. Upon reporting Q2 2017 figures in July, Conoco reduced its full-year capex guidance to $4.8 billion.

ConocoPhillips, like all U.S. companies, is looking to further cut costs, and has managed to reduce its production and operating expenses by 20 percent in Q3 compared to the same quarter last year, and cut its adjusted operating costs by 15 percent year on year.

The firm expects to generate proceeds from asset sales worth a total of $16 billion this year.

ConocoPhillips is also proceeding with a $3.0-billion share repurchase program, including repurchases of $1.0 billion in shares in Q3, which reduced ending share count by 2 percent compared to the end of Q2.   

For the nine months between January and September, ConocoPhillips generated $4.5 billion in cash from operations, received proceeds from divestments of $13.7 billion, paid $6.6 billion to reduce debt, and repurchased company common stock of $2.0 billion.  

Related: Canada’s Oil Output To Grow For Decades To Come

The company expects to cut its debt to below $20 billion by the end of this year.

“While the outlook for commodity prices has improved, we remain committed to our disciplined strategy. We are focused on free cash flow generation, strong financial returns, shareholder value creation and distributions through the cycles,” said Ryan Lance, chairman and chief executive officer.

At 1:13 p.m. EDT on Thursday, Conoco’s shares were up 2.94 percent on the NYSE, at $51.43.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage




Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News