NEW YORK, September 18, 2015 /PRNewswire/ --
ACI Association has initiated research coverage on
ConocoPhillips Co. (NYSE: COP). Select highlights
from the internally released reports are being made available to
the general public (included below), with access to the entirety of
the research available to new members.
Today, membership is open to readers on a complementary basis at
the following URL:
http://www.aciassociation.com/reports?keyword=COP
Highlights from our COP Report include:
- Earnings performance at a glance - On July 30, 2015, the American multinational energy
corporation, ConocoPhillips announced results for the second
quarter and half year ended June 30,
2015. The Company reported a net loss of $179 million, or loss of $0.15 per share in Q2 2015, compared to the
earnings of $2.1 billion, or
$1.67 per share in the year-ago
period. Adjusted earnings, stood at $81
million, or $0.07 per share
for Q2 2015, as against $2.0 billion,
or $1.61 per share for Q2 2014,
impacted by lower total realized prices of $39.09 per barrel of oil equivalent (BOE),
compared with $70.17 per BOE in Q2
2014. For the six months, earnings were reported at $93 million or $0.07 per share, as compared to $4.2 billion, or $3.38 per share in the prior year period.
ConocoPhillips saw an adjusted net loss of $141 million or loss of $0.11 per share in H1 2015 as against the
adjusted earnings of $4.3 billion, or
$3.42 per share in H1 2014.
- Production details - Excluding Libya, production from continuing operations
witnessed a year-over-year increase of 39 thousand Barrels Oil
Equivalent per Day (MBOED) to 1,595 MBOED in Q2 2015. For H1 2015,
production from continuing operations advanced to 1,603 MBOED, as
compared to 1,543 MBOED recorded in H1 2014.
- Update on Operations - ConocoPhillips
informed that at lower 48, production grew by 16 MBOED YoY to 556
MBOED in Q2 2015. Meanwhile, from Canada, production increased by 22 MBOED YoY
to 306 MBOED. Further, from Asia
Pacific and Middle East
region, the Company's production was up by 27 MBOED YoY to 349
MBOED. On the other hand, its production from Alaska and Europe, fell by 19 MBOED to 174 MBOED, and 7
MBOED to 206 MBOED, respectively. Meanwhile, during Q2 2015,
operating costs declined to $2.16
billion, from $2.43 billion in
Q2 2014. For the half year, the operating cost declined to
$4.30 billion compared with
$4.74 billion in H1 2014.
- Outlook - While remaining on track to achieve its
production target of 2%-3% from continuing operations in 2015,
ConocoPhillips expects the production for Q3 2015 to be in the
range of 1,510 to 1,550 MBOED. Further, the Company reduced its
2015 guidance for capital expenditure from $11.5 billion to $11.0
billion, and its guidance for operating costs to
$8.9 billion from its previous
estimates of $9.2 billion.
To find out how this influences our rating on ConocoPhillips
Co., read the full report in its entirety here:
http://www.aciassociation.com/reports?keyword=COP
--
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