ConocoPhillips earnings jump amid higher output

Ryan Lance, ConocoPhillips CEO

U.S. oil major ConocoPhillips reported an increase in its quarterly earnings on the back of higher output when compared to the prior-year period. 

ConocoPhillips on Tuesday reported first-quarter 2019 earnings of $1.8 billion compared with first-quarter 2018 earnings of $0.9 billion. Excluding special items, first-quarter 2019 adjusted earnings were $1.15 billion compared with first-quarter 2018 adjusted earnings of $1.14 billion.

The company’s first-quarter production excluding Libya was 1,318 MBOED, an increase of 94 MBOED compared with the same period a year ago. Year-over-year underlying production grew 5 percent overall and 13 percent on a per debt-adjusted share basis.

Earnings were higher compared with the first quarter of 2018 primarily due to an unrealized gain on Cenovus Energy equity, higher volumes and recognition of deferred revenue. Excluding special items, adjusted earnings improved compared with first-quarter 2018 primarily due to higher volumes, partially offset by depreciation expense and production and operating expenses associated with the higher volumes.

The company’s total realized price was $50.59 per BOE, compared with $50.49 per BOE in the first quarter of 2018 as higher LNG and bitumen prices were largely offset by lower crude, natural gas liquids and natural gas prices.

Ryan Lance, ConocoPhillips chairman and chief executive officer, said: “We continue to execute and deliver on a plan that’s resilient to lower prices, while offering investors upside to higher prices. We approach the business with an aim to level-load our investment and distribution programs, rather than chase cycles up or down, because we believe that is the best way to create sustained value in the energy sector.”

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.

It is worth reminding that Conoco earlier in April entered into an agreement to sell two ConocoPhillips United Kingdom subsidiaries to Chrysaor for $2.675 billion, plus interest and customary adjustments.

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