ConocoPhillips beats by $0.10; Reiterates long term cash flow outlook from November Analyst meeting; Lowers full year depreciation outlook (62.65)
- Reports Q1 (Mar) earnings of $1.00 per share, excluding non-recurring items, $0.10 better than the S&P Capital IQ Consensus of $0.90.
- "At our Analyst & Investor Meeting in November we intend to showcase a decade-long plan based on our current portfolio with capital averaging less than $7 billion per year. At a reference price of $50 per barrel WTI, we expect our plan will generate absolute and per-share organic growth and return at least 30 percent of cash from operations to shareholders annually. We believe that our flexibility uniquely positions us to extend our successful strategy for many years, deliver free cash flow at less than $40 per barrel WTI and achieve superior returns across a range of prices."
- Second-quarter 2019 production is expected to be 1,240 to 1,280 MBOED, reflecting the impact from seasonal turnarounds planned in Alaska, Canada and Europe. The guidance excludes Libya and does not include impacts from the recently announced U.K. divestiture agreement.
- Full-year guidance for depreciation, depletion and amortization has been decreased to $6.1 billion, reflecting the held-for-sale impact of the U.K. divestiture agreement. The company's other full-year guidance is unchanged and does not include impacts from the U.K. divestiture agreement