• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 39 mins One Last Warning For The U.S. Shale Patch
  • 3 hours Oil Slips Further From 2019 Highs On Trade Worries
  • 23 hours Once Upon A Time... North Korea Abruptly Withdraws Staff From Liaison Office
  • 16 hours Modular Nuclear Reactors
  • 1 day Poll: Will Renewables Save the World?
  • 1 hour Climate change's fingerprints are on U.S. Midwest floods
  • 2 days Chile Tests Floating Solar Farm
  • 45 mins Telsa Sales in Europe
  • 22 mins 3 Pipes: EPIC 900K, CACTUS II 670K, GREY OAKS 800K
  • 2 hours Read: OPEC THREATENED TO KILL US SHALE
  • 2 days China's Expansion: Italy Leads Europe Into China’s Embrace
  • 2 days China's E-Buses Killing Diesel Demand
  • 2 days Trump sells out his base to please Wallstreet and Oil industry
  • 2 days New Rebate For EVs in Canada
Canada’s Natural Gas Crisis Is Going Under The Radar

Canada’s Natural Gas Crisis Is Going Under The Radar

Canadian natural gas producers continue…

Oil Slips As Alberta Relaxes Oil Production Cuts

Oil Slips As Alberta Relaxes Oil Production Cuts

The Canadian province of Alberta…

ConocoPhillips Misses Forecasts, Books Adjusted Loss In Q1

Oil Rig

Like the other major oil companies, ConocoPhillips (NYSE:COP) benefited from the higher oil prices in the first quarter this year, but the U.S. exploration and production group booked an adjusted loss for Q1 that missed analyst expectations for a profit.

Excluding special items, ConocoPhillips reported an adjusted loss of US$19 million for the first quarter, or a loss of US$0.02 per share, compared to Thomson/Reuters I/B/E/S estimates that it would post a profit of US$0.01 per share. In the first quarter last year, ConocoPhillips had posted an adjusted loss of US$1.2 billion, or a loss of US$0.95 per share.

Including the special items, ConocoPhillips’ Q1 2017 earnings were helped by a financial tax accounting benefit related to an asset sale in Canada. Including that divestment gain, the company booked earnings of US$800 million, or $0.62 per share, compared with a loss of US$1.5 billion, or a US$1.18 loss per share, for the first quarter of 2016.

On an adjusted basis, the first-quarter result improved from the same period last year mostly due to higher realized prices. In the first quarter of 2017, the company’s total realized price was US$36.18 per barrel of oil equivalent (boe), compared with US$22.94 per boe in Q1 2016, reflecting higher average realized prices across all commodities.

The company’s production in the first quarter, excluding Libya, rose by 2 percent on the year, when adjusted for downtime and dispositions.

Related: Uranium Prices Set To Rise In 2017

ConocoPhillips continued to cut expenses in the first quarter, reducing production and operating expenses by 4 percent year over year, and cutting adjusted operating costs by 6 percent annually.

Last month, ConocoPhillips closed a deal to sell its assets in the San Juan Basin in the Southwestern U.S. to Hilcorp Energy Company for US$3 billion, bringing its total divestment proceeds for 2017 to US$16 billion.

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