Thursday, October 25, 2012

ConocoPhillips Reports Third Quarter Earnings

ConocoPhillips (COP) today reported third quarter 2012 earnings of $1.8 billion, or $1.46 per share, compared with third quarter 2011 earnings of $2.6 billion, or $1.91 per share.

Excluding special items of $26 million, third-quarter 2012 adjusted earnings were $1.8 billion, or $1.44 per share, compared with third quarter 2011 adjusted earnings of $1.9 billion, or $1.40 per share. Special items for the current quarter were primarily related to net gains on asset sales offset by the impact of tax law changes in the United Kingdom and pension settlement expense.

Highlights

* Quarterly production of 1.525 million BOE per day.
* Continued ramp up in Eagle Ford and Bakken.
* Ongoing growth from Canadian oil sands and successful startup of Christina Lake Phase D.
* Major projects and drilling programs on schedule to deliver volume and margin growth.
* Completed turnarounds at major worldwide facilities, as planned.
* Ramping up exploration activity in conventional and unconventional opportunities globally.
* Completed sale of NMNG and dilution of interest in APLNG.

“We performed well in our first full quarter as an independent E&P company,” said Ryan Lance, chairman and chief executive officer. “Our production was on target, our growth projects and drilling programs are on track and our portfolio optimization plans continue to progress. Quarterly production, excluding the impact of dispositions, grew by 40 thousand BOE per day compared to the third quarter of 2011.”

“For the first nine months of 2012, we have generated $2.1 billion in proceeds from asset dispositions and remain on track to complete our $8-$10 billion disposition program by the end of 2013,” Lance added. “We are focused on delivering average annual production growth and margin growth of 3 to 5 percent, improving our financial returns, and offering a sector leading dividend.”

Read the entire earnings report

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