ConocoPhillips (COP – Analyst Report) reported third-quarter 2015 loss per share of 38 cents, in line with the Zacks Consensus Estimate. The year-ago quarter adjusted profit was $1.29 per share.
ConocoPhillips (COP – Analyst Report) – Earnings Surprise | FindTheCompany
Revenues in the reported quarter decreased to $7,507 million from the year-ago level of $12,917 million. Moreover, revenues missed the Zacks Consensus Estimate of $8,554 million.
Exploration and Production
Daily production, from continuing operation, averaged 1.554 million barrels of oil equivalent (MMBOE) in the quarter, up from 1.495 MMBOE in the year-ago quarter. Growth was primarily backed by new production from major projects and development programs, partially offset by normal field decline and downtime.
Price Realization
Average realized price for oil was $46.41 per barrel compared with $96.67 in the year-earlier quarter. Natural gas liquids were sold at $15.54 per barrel, way below the year-ago level of $37.66 per barrel. The price for natural gas was $3.87 per thousand cubic feet compared with $5.91 in third-quarter 2014.
Financials
As of Sep 30, 2015, the company had total cash and cash equivalents of $2,413 million and $24,891 million in debt, with a debt-to-capitalization ratio of 36%.
In the nine-month period ending Sep 30, 2015, cash provided by continuing operating activities was $6.0 billion. Excluding a $0.2 billion change in operating working capital, ConocoPhillips generated $5.8 billion in cash from operations. In addition, the company funded $7.9 billion in capital expenditures and investments, paid dividends of $2.7 billion, and increased debt by $2.4 billion.
Guidance
For 2015, ConocoPhillips expects 3–4% production growth. For the fourth quarter, production from continuing operations is expected at 1,585–1,625 MBOED. The company has reduced its 2015 capital expenditures guidance to $10.2 billion from the earlier guidance of $11.5 billion. The company has also reduced 2015 operating cost guidance to $8.2 billion from the earlier guidance of $9.2 billion.
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