ConocoPhillips Earnings: Profit Down, Still Beats Estimates

S&P 500 (NYSE:SPY) component ConocoPhillips Co (NYSE:COP) posted lower net income in the second quarter compared with a year-earlier period. 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 Co Earnings Cheat Sheet

Results: Net income for ConocoPhillips Co fell to $2.3 billion ($1.80 per share) vs. $3.4 billion ($2.41 per share) a year earlier. This is a decline of 32.4% from the year-earlier quarter.

Revenue: Fell 14.1% to $15.17 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: ConocoPhillips Co beat the mean analyst estimate of $1.18 per share. It beat the average revenue estimate of $9.07 billion.

Quoting Management: “We are off to a strong start as an independent E&P company and the business is running well,” said Ryan Lance, chairman and chief executive officer.

“Our production was on target, our major growth projects are on track and we are continuing to add to our conventional and unconventional exploration inventory. We continue to progress our asset sales program, providing additional financial flexibility to fund our high-margin organic investments. We remain committed to growing our production by three to five percent, improving our financial returns and delivering a sector-leading dividend.”

Key Stats:

The company’s net income has fallen for two quarters in a row. In the first quarter, net income fell 3% from the year-earlier quarter.

The company topped expectations last quarter after falling short of forecasts in the first quarter with net income of $2.02 versus a mean estimate of net income of $2.08 per share.

Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the third quarter is $1.17 per share, down from $2.29 ninety days ago. For the fiscal year, the average estimate has moved down from $8.91 a share to $5.72 over the last ninety days.

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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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