ConocoPhillips beats by $0.10
Reports Q3 (Sep) adj earnings of $1.29 per share, $0.10 better than the Capital IQ Consensus Estimate of $1.19.
- Third-quarter production of 1,473 MBOED from continuing operations, excluding Libya, represents four percent growth year-over-year when adjusted for downtime. Outlook:
- "The company is on track to meet its previously stated growth target of 3 to 5 percent volume and margin growth in 2014. Full-year 2014 production from continuing operations, excluding Libya, is expected to be approximately 1,525 to 1,535 MBOED. Fourth-quarter 2014 production guidance for continuing operations, excluding Libya, is being adjusted to reflect anticipated impacts from the absence of ramp gas sales from APLNG to a third-party LNG project, temporary third-party infrastructure constraints in Malaysia and value-driven ethane rejection in the Lower 48. Fourth-quarter production guidance is 1,545 to 1,575 MBOED.
- ConocoPhillips expects to release guidance on its 2015 capital expenditures in December. In addition, the company plans to host an Analyst Meeting in New York on April 8, 2015, with additional details to be provided in early 2015.