ConocoPhillips Earnings Cheat Sheet: The Streak is Broken

Rising revenue was not enough for S&P 500 (NYSE:SPY) component ConocoPhillips (NYSE:COP) as the oil and gas company saw profit fall in the second 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 Second Quarter

Results: Net income for ConocoPhillips fell to $3.4 billion ($2.41 per share) vs. $4.16 billion ($2.77 per share) a year earlier. This is a decline of 18.3% from the year earlier quarter.

Revenue: Rose 34% to $67 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: COP beat the mean analyst estimate of $2.20 per share. It beat the average revenue estimate of $60.29 billion.

Quoting Management: “We had a solid quarter,” said Jim Mulva, chairman and chief executive officer. “Higher adjusted earnings and cash flow were driven by better commodity prices and refining margins. Production performance was strong and capacity utilization of our refineries exceeded 90 percent.”

Key Stats:

The company has enjoyed double-digit year-over-year percentage revenue growth for the past five quarters.

Last quarter’s profit decrease breaks a streak of four consecutive quarters of year-over-year profit increases. In the first quarter, net income rose 44.3% from the year earlier, while the figure increased 67.7% in the fourth quarter of the last fiscal year, more than twofold in the third quarter of the last fiscal year and more than threefold in the second quarter of the last fiscal year.

The company topped expectations last quarter after falling short of forecasts in the first quarter with net income of $1.82 versus a mean estimate of net income of $1.97 per share.

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) and Statoil ASA (NYSE:STO).

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(Source: Xignite Financials)