Higher oil prices boost ConocoPhillips profit

U.S. oil major ConocoPhillips recorded an increase in earnings in the first quarter of 2018 on the back of higher oil and gas prices and lower expenses. 

ConocoPhillips on Thursday reported first-quarter 2018 earnings of $0.9 billion compared with first-quarter 2017 earnings of $0.6 billion.

Earnings were higher compared with the first quarter of 2017 due to higher realized prices, reduced depreciation expense and lower exploration expense, partially offset by a first-quarter 2017 financial tax accounting benefit related to the Canada disposition.

Excluding special items, the company’s first quarter 2018 adjusted earnings were $1.1 billion compared with a first-quarter 2017 adjusted loss of $0.2 billion.

Special items for the current quarter were primarily driven by premiums on early debt retirement and unrealized losses on Cenovus Energy equity, partially offset by favorable outcomes from pending claims and settlements.

Production excluding Libya for the first quarter of 2018 was 1,224 thousand barrels of oil equivalent per day (MBOED), a decrease of 360 MBOED compared with the same period a year ago.

The company’s total realized price was $50.49 per barrel of oil equivalent (BOE), compared with $36.18 per BOE in the first quarter of 2017, reflecting higher average realized prices on a more liquids-weighted portfolio.

Conoco’s second quarter 2018 production is expected to be 1,170 to 1,210 MBOED, which reflects seasonal turnarounds. The company increased full-year 2018 production guidance to 1,200 to 1,240 MBOED to reflect first-quarter out-performance and a change in disposition assumptions.

Offshore Energy Today Staff

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