 |
Louisiana Light • 2 days | 86.68 | -2.47 | -2.77% | ||
|
Bonny Light • 23 hours | 88.73 | -1.64 | -1.81% | ||
|
Opec Basket • 2 days | 89.64 | -0.54 | -0.60% | ||
|
Mars US • 167 days | 77.67 | -1.57 | -1.98% | ||
|
Gasoline • 10 mins | 2.754 | +0.040 | +1.49% |
|
Bonny Light • 23 hours | 88.73 | -1.64 | -1.81% | ||
|
Girassol • 23 hours | 89.30 | -1.63 | -1.79% | ||
|
Opec Basket • 2 days | 89.64 | -0.54 | -0.60% |
|
Peace Sour • 13 hours | 75.35 | -2.68 | -3.43% | ||
|
Light Sour Blend • 13 hours | 78.40 | -2.68 | -3.31% | ||
|
Syncrude Sweet Premium • 13 hours | 85.35 | -2.68 | -3.04% | ||
|
Central Alberta • 13 hours | 75.75 | -2.68 | -3.42% |
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Eagle Ford • 2 days | 79.17 | -2.67 | -3.26% | ||
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Oklahoma Sweet • 2 days | 79.25 | -2.50 | -3.06% | ||
|
Kansas Common • 2 days | 73.00 | -2.50 | -3.31% | ||
|
Buena Vista • 2 days | 86.86 | -2.40 | -2.69% |
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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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Tsvetana Paraskova
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
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