ConocoPhillips maintains steady profit

U.S. oil major ConocoPhillips recorded a similar profit in the second quarter 2019 to the one made in the same period last year as lower oil prices were offset by higher volumes. 

Ryan Lance, ConocoPhillips CEO. Image by Bartolomej Tomic

ConocoPhillips on Tuesday reported second quarter 2019 earnings of $1.58 billion compared with second quarter 2018 earnings of $1.64 billion.

According to the company, earnings were lower compared with the second quarter of 2018 primarily due to lower realized prices and a lower unrealized gain on its Cenovus Energy equity, partially offset by higher volumes and a financial tax benefit related to the planned U.K. disposition.

Excluding special items, second-quarter 2019 adjusted earnings were $1.1 billion compared with second-quarter 2018 adjusted earnings of $1.3 billion.

Second quarter production, excluding Libya, of 1,290 thousand barrels of oil equivalent per day (MBOED) exceeded the high end of guidance; year-over-year underlying production grew 4 percent overall and 6 percent on a per debt-adjusted share basis.

Sales volumes for the quarter were lower than production, reducing earnings by $32 million. The company’s total realized price was $50.50 per barrel of oil equivalent (BOE), compared with $54.32 per BOE in the second quarter of 2018, reflecting the impact of lower marker prices.

“This was our seventh consecutive quarter of generating free cash flow while executing our disciplined plans and delivering on our targets,” said Ryan Lance, chairman and chief executive officer.

“Over that time frame we fully funded our capital expenditures, dividends and buybacks within cash from operations. ConocoPhillips has embraced an approach to our cyclical industry that we believe will deliver superior returns and create value across a range of commodity prices. This quarter represents a continuation of strong performance on our business model that prioritizes financial returns, discipline, resilience with upside and shareholder distributions.”

Operating plan capital is now expected to be $6.3 billion versus $6.1 billion.

Third-quarter 2019 production is expected to be 1,290 to 1,330 MBOED, reflecting planned turnarounds in Alaska, Europe and Asia Pacific. Full-year production guidance is 1,310 to 1,340 MBOED. The guidance excludes Libya.

As reported earlier on Tuesday, UK’s BP has also reported a stable profit when compared to the same period last year, which amounted to $2.8 billion.

Offshore Energy Today Staff

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