The independent oil and gas producer did not offer any information on guidance for the rest of the year. The consensus estimate for yearly revenue is $84.18 billion and the EPS estimate is $5.48.
The company’s CEO noted:
Our production was on target, our major growth projects are on track and we are continuing to add to our conventional and unconventional exploration inventory. We continue to progress our asset sales program, providing additional financial flexibility to fund our high-margin organic investments. We remain committed to growing our production by 3 to 5 percent, improving our financial returns and delivering a sector-leading dividend.
The company completed the spin-off of its downstream operations to Phillips 66 (NYSE: PSX) in April. ConocoPhillips also recorded a $534 million charge to earnings from discontinued operations and a one-time gain on asset sales added $285 million.
Production of crude oil, natural gas liquids and natural gas were all lower sequentially. Only bitumen production from the company’s oil sands operations was higher.
Shares of ConocoPhillips are trading down 0.2% in the premarket this morning, at $54.64 in a 52-week range of $50.62 to $78.29. Thomson Reuters had a consensus analyst price target of $61.34 before today’s results were announced.
Paul Ausick
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