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Product Manager - Derrick Petroleum Services. Working in Oil & Gas Industry for 5+ years. Contributed significantly for Database development for Upstream transactions ( Initially worked as a 'Research Analyst' at Reuters. LinkedIn Profile:... More
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  • COP Q3 Profit Rises 7%, Capex Jumps 36% 0 comments
    Oct 31, 2013 9:48 AM | about stocks: COP

    ConocoPhillips reported Q3-2013 net profit of $1.8 billion, up 7% YoY. The figure excludes a gain of $749 million on sale of assets. Production was 1.51 MMBOE/d (65% liquids), marginally lower than in Q3-2012.

    Q3-2013 financial highlights:

    • Sales revenue of $13.6 billion, down 4% YoY
    • Capex of $4.4 billion, up 36% YoY; capex on Asia Pacific and Middle East was up 144% YoY to $1.1 billion

    Q3-2013 operational highlights:

    • Oil production marginally lower at 571 Mbbl/d
    • Gas production of 676 MBOE/d, down 4% YoY
    • NGL production of 161 Mbbl/d, up 3% YoY
    • Bitumen production of 107 Mbbl/d, up 16% YoY
    • Commenced major projects at Christina Lake Phase E in Jul-2013 and Ekofisk South in Oct-2013, with final preparations underway for full-field startup at Gumusut, Jasmine and Siakap North-Petai
    • Completed sale of Clyden and stake in in Phoenix Park

    COP Q2-2013 Profit Falls, But Company Raises 2013 Guidance

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Themes: Conoco, quarterly result, 1Derrick Stocks: COP
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