ConocoPhillips beats by $0.08
Reports Q4 (Dec) earnings of $1.40 per share, $0.08 better than the Capital IQ Consensus Estimate of $1.32.
Production from continuing operations for the fourth quarter of 2013 was 1,473 MBOED, a decrease of 93 MBOED compared with the fourth quarter of 2012. Preliminary year-end 2013 proved reserves are 8.9 billion barrels of oil equivalent (BOE), up 3 percent from 2012. Proved organic reserve additions are expected to be approximately 1.1 billion BOE, representing an organic reserve replacement ratio of 179 percent of 2013 production.
"2013 was a significant year for the company and we achieved several important, strategic milestones...We delivered on our non-core asset sales, progressed our growth programs, achieved conventional and unconventional exploration success, and increased our dividend. In addition, our capital program yielded strong organic reserve replacement, which demonstrates the quality and potential of our asset base. These accomplishments position us to meet our unique combination of 3 to 5 percent volume and margin growth with a compelling yield. We are set for an exciting year in 2014."
Outlook: The company expects to deliver 3 to 5 percent production growth in 2014. Excluding Libya, the company's 2014 full-year production outlook is unchanged at approximately 1,550 MBOED. First-quarter 2014 production from continuing operations is expected to be 1,490 to 1,530 MBOED, which excludes Libya.