Thu, Oct. 29, 8:19 AM
- ConocoPhillips (NYSE:COP) cuts its spending plans for the year as it reports an in-line Q3 loss, now seeing 2015 capex of $10.2B compared with initial 2015 guidance of $11.5B, and reduces its operating cost guidance to $8.2B from $8.9B.
- The largest major U.S. oil company without refining operations says its unadjusted Q3 loss totaled $1.1B compared to a $2.7B profit in the year-ago quarter, COP's biggest loss since Q4 2008.
- COP says Q3 production was 1.55M boe/day, and expects Q4 output of 1.585M-1.625M boe/day, which would result in 3%-4% Y/Y growth from continuing operations, excluding Libya.
- Says its Q3 average realized price was $32.91/boe, down from $64.78/bbl a year earlier.
- COP says it will divest assets and lower its cost structure in response to weak crude oil prices but remains committed to a "compelling" dividend.
Thu, Oct. 29, 7:04 AM
Wed, Oct. 28, 5:30 PM
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Fri, Jul. 31, 3:26 PM
- ConocoPhillips (NYSE:COP) is down 3.3%, a day after posting a Q2 earnings beat where it cut capex but continued to expand production.
- Meanwhile, debate on this oil major rages around the safety of its sizable dividend (declared at $0.74 quarterly this month).
- Credit Suisse finds the dividend safe: "ConocoPhillips outlined how they could cover their dividend with unchanged 2017 production at a $60/bbl Brent price. This is impressive." Considering capex of $11B this year, "the project cycle helps."
- Meanwhile, JPMorgan thinks the dividend can't stick around in the long run: "While management did a good job of highlighting the incremental levers available to pull, our caution remains that the strategy of increasing the mix of short cycle production with high decline rates will make it more difficult to cover the sacrosanct dividend in the out years when productivity slows."
- Conoco's yield is now a point higher than closest peer Chevron, at 5.7%, but "without the same downstream cushion and more than twice the leverage."
- Today: XOM -4.6%, and CVX -5.3%, after earnings reports this morning.
- Previously: Exxon Mobil off 1.8% premarket after lowest profit since 2009 (Jul. 31 2015)
- Previously: Chevron -1.8% as earnings tumble, paced by $2.2B upstream loss (Jul. 31 2015)
Thu, Jul. 30, 12:33 PM
- ConocoPhillips (COP -0.9%) “continues to drive the knife further on operational costs,” helping it to beat Q2 earnings forecasts, Citigroup analysts say in response to the company's plan to further cut spending for the year.
- COP says it now sees FY 2015 capital spending of $11B, down from its earlier guidance of $11.5B and the latest of several cuts to its budget as oil prices have fallen, and lowers its operating cost guidance to $8.9B from $9.2B.
- COP "continues to resize spending to deliver dividend coverage by the end of 2017," Citi says, and "management continues to show that it will ratchet down spending to reach that target through a combination of cost reduction and low-cost growth."
- Despite the cuts, COP has continued to expand production, reporting 4% Y/Y growth on output of 1.595M boe and saying it is on track to hit the higher end of its 2015 production growth target of 2%-3%, helped by higher output from U.S. shale fields.
Thu, Jul. 30, 7:02 AM
Wed, Jul. 29, 5:30 PM
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Thu, Apr. 30, 9:58 AM
- 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.
Thu, Apr. 30, 7:01 AM
Wed, Apr. 29, 5:30 PM
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Thu, Jan. 29, 7:54 AM
- ConocoPhillips (NYSE:COP) is flat premarket after adjusted Q4 earnings met expectations but fell to $0.60/share from $1.40 in the year-ago quarter.
- COP, which already had announced plans to cut 2015 spending by 20%, cuts planned capex by another 15% and now expects to spend $11.5B rather than $13.5B; reductions since the earlier announcement will come mostly from deferral of onshore drilling and exploration programs in the continental U.S.
- Nevertheless, COP still expects to deliver 2%-3% production growth in 2015 from continuing operations; Q1 production seen at 1.57B-1.61B boe/day.
- COP says adjusted Q4 earnings were lower Y/Y primarily due to lower realized prices, increased dry hole expense, higher operating costs and depreciation expense associated with increased volumes, partially offset by higher volumes.
- Q4 production edged up to 1.567B boe/day, excluding Libya
- Average realized price in Q4 fell 19% Y/Y to $52.88/bbl.
Thu, Jan. 29, 7:01 AM
Wed, Jan. 28, 5:30 PM
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Oct. 30, 2014, 8:37 AM
- ConocoPhillips (NYSE:COP) +0.8% premarket after reporting Q3 earnings that beat Wall Street estimates and rose 9% Y/Y on increased oil and gas production, despite a drop in selling prices.
- Q3 production from continuing operations, excluding Libya, totaled 1.473M boe/day, up 1.7% Y/Y; Eagle Ford and Bakken production jumped by 33%.
- COP says its total realized oil price was $64.78 in Q3, down from $69.68 a year earlier.
- Reaffirms its outlook for 3%-5% FY 2014 volume growth to 1.525M-1.535M boe/day.
- "We expect strong growth in 2015 driven by ongoing success in the North American unconventionals and start-up of several major projects, including Surmont 2 [in Canada] and APLNG" in Australia, CEO Ryan Lance says.
Oct. 30, 2014, 7:02 AM
Oct. 29, 2014, 5:30 PM
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