ConocoPhillips misses by $0.05 (47.48)
- Reports Q1 (Mar) loss of $0.02 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus of $0.03.
- Reported first-quarter 2017 earnings of $0.8 billion, or $0.62 per share, compared with a first-quarter 2016 loss of $1.5 billion, or ($1.18) per share. Excluding special items, first-quarter 2017 adjusted earnings were a loss of $19 million, or ($0.02) per share, compared with a first-quarter 2016 adjusted loss of $1.2 billion, or ($0.95) per share. Special items for the current quarter were primarily driven by a financial tax accounting benefit related to the previously announced Canadian disposition, partially offset by a non-cash impairment in Alaska.
- Production excluding Libya for the first quarter of 2017 was 1,584 thousand barrels of oil equivalent per day (MBOED), an increase of 6 MBOED compared with the same period a year ago. The increase was the result of production ramping up from several major projects, multiple development programs and improved well performance, partly offset by normal field decline and dispositions. Excluding the net impact from dispositions of 36 MBOED and reduced downtime of 18 MBOED, production increased 24 MBOED, or 2 percent.
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Q2 Production Outlook
- Second-quarter 2017 production is expected to be 1,495 to 1,535 MBOED, which excludes Libya and does not reflect impacts from the recently announced Canada and San Juan Basin dispositions.