ConocoPhillips beats by $0.17; sees FY17 production +0-2%
- Reports Q4 (Dec) loss of $0.26 per share, $0.17 better than the Capital IQ Consensus of ($0.43). Adjusted earnings were improved compared with fourth-quarter 2015 primarily due to higher realized prices and lower exploration expense. The company's total realized price was $32.93 per barrel of oil equivalent (BOE), compared with $28.54 per BOE in the fourth quarter of 2015, reflecting higher average realized prices across all commodities.
- For the quarter, cash provided by operating activities was $1.44 billion.
- Production excluding Libya for the fourth quarter of 2016 was 1,587 thousand barrels of oil equivalent per day (MBOED), a decrease of 12 MBOED compared with the same period a year ago. The decrease was the result of normal field decline and dispositions, partly offset by new production from major projects and development programs, improved well performance, and lower downtime. Excluding the net impact from dispositions of 70 MBOED and reduced downtime of 13 MBOED, production increased 45 MBOED, or 3 percent. For the quarter, strong operational performance continued across the portfolio.
- Full-year 2017 production is expected to be 1,540 to 1,570 MBOED. This results in flat to 2 percent growth compared with full-year 2016 production, excluding Libya, of 1,540 MBOED when adjusted for 2016 dispositions of 27 MBOED.
- Q1 production is expected to be 1,540 to 1,580 MBOED. Production guidance for 2017 excludes Libya and the impact of future dispositions. Guidance for production and operating expenses is $6.1 billion, which results in adjusted operating cost guidance of $6.0 billion.
- The company's 2017 guidance for capital expenditures is $5.0 billion; corporate segment net expense is $1.3 billion or $1.2 billion adjusted corporate segment net expense; depreciation, depletion and amortization is $8.0 billion; and exploration dry hole and leasehold impairment expense is $0.2 billion.