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ConocoPhillips Q3 Earnings Jump Four Times On Higher Oil Prices

ConocoPhillips (NYSE:COP) reported on Thursday a fourfold jump in its third-quarter earnings, easily beating analyst expectations, as higher oil prices helped the U.S. firm to book higher realized prices across all commodities.

ConocoPhillips posted third-quarter earnings of US$1.9 billion, or US$1.59 per share, up from US$400 million, or US$0.34 per share, earnings for the third quarter of 2017.

Adjusted earnings—excluding special items —came in at US$1.6 billion, or US$1.36 per share, jumping from adjusted earnings of US$200 million, or US$0.16 per share, in Q3 2017.

The special items in Q3 included recognized cash and commodities totaling US$345 million from the settlement agreement reached with Venezuela’s state oil firm PDVSA for the expropriation of ConocoPhillips assets in Venezuela a decade ago.

The remainder of the approximately US$500 million in initial payments from PDVSA are due in the fourth quarter, ConocoPhillips said in its earnings release today.

The adjusted earnings of US$1.36 per share for Q3 beat the analyst consensus of US$1.19 of The Wall Street Journal.  

ConocoPhillips’ cash from operations in Q3 was US$3.5 billion, exceeding capital expenditures, dividends, and share repurchases by US$600 million, the company said.

Related: New York Sues ExxonMobil For Investor Fraud

Third-quarter production excluding Libya stood at 1.224 million barrels of oil equivalent per day (boed), with underlying production up by 6 percent year on year.

ConocoPhillips slightly revised up its 2018 capital spending guidance to US$6.1 billion from US$6 billion, reflecting higher partner-operated spend. This is the second upward revision of capital guidance this year for Conoco, which raised in July the capital guidance to US$6 billion from US$5.5 billion.

“Our strategy is designed to generate superior returns through cycles by maintaining discipline, focusing on free cash flow and allocating this cash according to clear, shareholder-friendly priorities. This is what the market can expect from us again in 2019,” Ryan Lance, chairman and CEO, said in the company statement.

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Following the earnings release, shares in Conoco closed up 3.55 percent on the NYSE at 03:59 p.m. EDT.

By Tsvetana Paraskova for Oilprice.com

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