- ConocoPhillips (COP +0.2%) inches higher at the open after Q1 results met expectations, although its adjusted $0.18/share net loss was a drastic fall from the $1.81 profit in the year-ago quarter.
- COP says its biggest hurdle during the quarter was the low price of crude, as the company's averaged realized price of $36.96/boe was barely more than half the $71.21/boe in Q1 2014.
- The weaker pricing was partially offset by a ~5% production increase to 1.61M boe/day, excluding its Libya operations, and COP says it is on track to meet its previously stated full-year target of 2%-3% production growth from continuing operations.
- Production gains have come despite a sharp cutback on drilling: In Q1, COP says capital spending totaled $3.3B, roughly in line with its $11.5B FY 2015 which is ~30% lower than 2014.
- Says Q1 operating costs totaled $2.1B, down from $2.3B in Q1 2014.