• 3 minutes Will Iron-Air batteries REALLY change things?
  • 7 minutes Natural gas mobility for heavy duty trucks
  • 11 minutes NordStream2
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 11 hours Evergrande is going Belly Up.
  • 2 hours U.S. Presidential Elections Status - Electoral Votes
  • 14 hours World’s Biggest Battery In California Overheats, Shuts Down
  • 3 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 5 hours Poland Expands LNG Powered Trucking and Fueling Stations
  • 2 days And now, hybrid electric locomotives...
  • 1 day Ozone layer destruction driving global warming
  • 2 days The unexpected loss of output from wind turbines compels UK to turn to an alternative; It's not what you think!
  • 1 day The coming Cyber Attack
  • 1 day Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 2 days 'Get A Loan,' Commerce Chief Tells Unpaid Federal Workers
  • 2 days The Painful Death of Coal

ConocoPhillips Beats Q2 Profit Estimates As Oil Prices Rise

ConocoPhillips (NYSE: COP) reported on Tuesday second-quarter earnings beating analyst estimates on the back of higher commodity prices and higher oil and gas production.

The U.S. company said today it posted adjusted earnings of $1.7 billion, or $1.27 per share, for the second quarter of 2021. This compares with an analyst consensus estimate of $1.10 per share earnings compiled by The Wall Street Journal, and with an adjusted loss of $1.0 billion, or a loss of $0.92 per share, for the second quarter last year.

ConocoPhillips benefited in Q2 2021 from the rally in commodity prices, which allowed it to generate more than double revenues from oil and gas, as well as a 566,000 barrels of oil equivalent per day (boepd) increase in production volumes. Production excluding Libya was 1.547 million boepd, thanks to no more curtailments in output as in Q2 2020, and to new production from the Lower 48, ConocoPhillips said. 

The company’s production in the shale patch in Q2 2021 averaged 794,000 boepd, including 435,000 boepd from the Permian, 227,000 boepd from the Eagle Ford, and 95,000 boepd from the Bakken.  

The company’s total average realized price was $50.03 per boe, which was a massive 117 percent jump from the $23.09 per boe realized in the second quarter of 2020, reflecting higher marker prices and improved realizations.

“We have a stronger, more flexible asset base and greater underlying efficiency resulting from the Concho acquisition and the restructuring work we’ve performed throughout our company. Our updated outlook comes at a time that we believe is a defining moment for the sector,” said Ryan Lance, ConocoPhillips chairman and chief executive officer.

ConocoPhillips becomes the latest U.S. oil and gas firm to beat analyst expectations for Q2, after Exxon and Chevron reported stronger-than-expected earnings on Friday. Chevron resumed share buybacks after posting a Q2 profit above estimates.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • George Doolittle on August 04 2021 said:
    Chaos at US Airports spreading Worldwide so good luck with those oil longs at the moment as Congress does what they do best and flee Washington DC.

    Those hedging at this price are simply being "un-dumb."

    Meanwhile a huge cold snap to include possible snow even has hit a massive swath of the USA so good luck with those natural gas longs as well.

    Hopefully no planes suddenly crashing all over the place but given the Party in charge they would probably call that an improvement.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News