ConocoPhillips Earnings Cheat Sheet: Revenues Rise 30%, Investors Take Profits

S&P 500 (NYSE:SPY) component ConocoPhillips (NYSE:COP) reported net income above Wall Street’s expectations for the first quarter. An international energy company, ConocoPhillips operates under six segments: Exploration and Production, Midstream, Refining and Marketing, LUKOIL Investment, Chemicals and Emerging Businesses.

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ConocoPhillips Earnings Cheat Sheet for the First Quarter

Results: Net income for the oil and gas company rose to $3.03 billion ($2.09/share) vs. $2.1 billion ($1.40/share) in the same quarter a year earlier. A rise of 44.3% from the year earlier quarter.

Revenue: Rose 30% to $58.25 billion YoY.

Actual vs. Wall St. Expectations: COP beat the mean analyst estimate of $1.97/share. Estimates ranged from $1.77 per share to $2.26 per share.

Quoting Management: “While our financial results were much improved from a year ago, E&P production and R&M capacity utilization did not meet our targets,” said Jim Mulva, chairman and chief executive officer. “The quarter was negatively impacted by approximately $200 million from unplanned downtime and from variable compensation expense related to prior-year performance.”

Key Stats: The company has enjoyed double-digit year-over-year revenue growth for the past five quarters. Over that span, the company has averaged growth of 29.4%, with the biggest boost coming in the first quarter of the last fiscal year when revenue rose 45.8% from the year earlier quarter.

The company has now seen net income rise in three-straight quarters. In the fourth quarter of the last fiscal year, net income rose 67.7% and in the third quarter of the last fiscal year, the figure rose more than twofold.

Competitors to Watch: Chevron Corporation (NYSE:CVX), Exxon Mobil Corporation (NYSE:XOM), BP plc (NYSE:BP), Marathon Oil Corporation (NYSE:MRO), Hess Corp. (NYSE:HES), China Petroleum & Chemical Corp. (NYSE:SNP), TOTAL S.A. (NYSE:TOT), Suncor (NYSE:SU) and Statoil ASA (NYSE:STO).

Today’s Performance: Shares of COP are trading at $79.07 as of April 27, 2011 at 10:02 AM ET, down over 2% from the previous close.


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