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Vitality large ConocoPhillips (COP) posted second-quarter revenue and income that missed expectations, reflecting a pullback in oil costs from final 12 months’s highs and regardless of report manufacturing ranges.
Key Takeaways
- Adjusted earnings got here in at $2.2 billion, or $1.84 per share, under consensus estimates of $1.93.
- Revenues fell 41.4% to $12.88 billion, and have been nicely under consensus estimates of $14.74 billion.
- Crude manufacturing rose 6.7% to a report 1.805 million barrels per day, and the corporate raised its manufacturing steering for the present quarter.
Adjusted earnings got here in at $2.2 billion, or $1.84 per share, under consensus estimates of $1.93. This compares to a report $5.1 billion, or $3.91 per share, within the year-ago quarter, when surging oil costs buoyed the corporate’s earnings. Revenues fell 41.4% to $12.88 billion, and have been nicely under consensus estimates of $14.74 billion.
Regardless of this, crude manufacturing rose 6.7% to a report 1.805 million barrels per day. The corporate additionally raised its manufacturing steering for the third quarter, and now expects to supply 1.78 to 1.82 million barrels a day, above earlier expectations of 1.78 to 1.8 million barrels every day.
“Wanting forward, we stay constructive on the second half of the 12 months in addition to the long-term outlook for the sector,” mentioned Chairman and CEO Ryan Lance. “By persevering with to boost our deep, sturdy and diversified asset base, we’re well-positioned to generate aggressive money circulation and returns for many years,” he continued.
Amongst its newest tasks, ConocoPhillips finalized its acquisition of an fairness stake in Qatar’s North Discipline South oil discipline, and signed a two-decade offtake settlement with Mexico’s Saguaro export facility, which focuses on delivery liquefied pure fuel (LNG). Below the settlement, ConocoPhillips will purchase as much as 2.2 million tons of LNG yearly from the ability.
Shares of ConocoPhillips fell a few % in early buying and selling Thursday. The corporate’s shares and people of the broader S&P 500 vitality sector are flat to this point this 12 months.
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