May 17, 2018 - 7:30 AM EDT
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Free Research Report as ConocoPhillips’ Sales Surged 15% and EPS Soared 60%

Stock Monitor: Goodrich Petroleum Post Earnings Reporting

LONDON, UK / ACCESSWIRE / May 17, 2018 / If you want access to our free earnings report on ConocoPhillips (NYSE: COP), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=COP. The Company reported its first quarter fiscal 2018 operating and financial results on April 26, 2018. The world's largest independent Exploration and Production organization, based on production and proved reserve, outperformed top- and bottom-line expectations. Additionally, the Company provided guidance for the upcoming quarter. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is currently working on the research report for Goodrich Petroleum Corporation (NYSE AMER: GDP), which also belongs to the Basic Materials sector as the Company ConocoPhillips. Do not miss out and become a member today for free to access this upcoming report at:

www.active-investors.com/registration-sg/?symbol=GDP

Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, ConocoPhillips most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=COP

Earnings Highlights and Summary

For the first quarter of the fiscal year 2018, ConocoPhillips recorded revenues of $8.96 billion, up 15% compared to $7.77 billion in Q1 2017. The Company's revenue numbers topped analysts' expectations of $8.68 billion.

ConocoPhillips reported earnings of $888 million, or $0.75 per share, in Q1 2018 compared to $586 million, or $0.47 per share, in Q1 2017. ConocoPhillips' earnings were higher on a y-o-y basis, due to higher realized prices, reduced depreciation expenses, and lower exploration expenses, partially offset by financial tax accounting benefits related to the Canada disposition in Q1 2017.

Excluding special items, ConocoPhillips' adjusted earnings were $1.1 billion, or $0.96 per share, in the reported quarter, compared to an adjusted loss of $0.2 billion, or $0.14 loss per share, in the prior year's same quarter. The Company's adjusted earnings were improved on a y-o-y basis, primarily due to higher realized prices and reduced depreciation expenses. ConocoPhillips' earnings beat Wall Street's estimates of $0.74 per share.

Operating Results

ConocoPhillips' production, excluding Libya, was 1,224 thousand barrels of oil equivalent per day (MBOED) in Q1 2018, reflecting a drop of 360 MBOED compared to Q1 2017. The Company's first-quarter volume impact from dispositions was 402 MBOED in 2017. Excluding the impact of dispositions, ConocoPhillips' underlying production increased 42 MBOED, or 4%. The increase primarily came from a ramp up of the Big 3 unconventional assets, which more than offset normal field decline. The Company's production from Libya was 45 MBOED in the reported quarter.

ConocoPhillips' total realized price was $50.49 per barrel of oil equivalent (BOE) in Q1 2018 compared to $36.18 per BOE in Q1 2017, reflecting higher average realized prices on a more liquids-weighted portfolio.

Cash Matters

For Q1 2018, ConocoPhillips' cash provided by operating activities was $2.4 billion. Excluding a $0.1 billion change in working capital, the Company generated cash from operations of $2.5 billion in Q1 2018, exceeding $1.5 billion in capital expenditure and investments; $0.5 billion of repurchased shares; and $0.3 billion of dividends. In addition, the Company paid $2.9 billion to reduce debt and sold $1.6 billion of short-term investments.

ConocoPhillips increased planned share repurchases by 33% and repurchased $0.5 billion in Q1 2018. The Company is on track for full-year share repurchases of $2 billion.

Outlook

For Q2 2018, ConocoPhillips' production is expected to be 1,170 MBOED to 1,210 MBOED, which reflects seasonal turnarounds. The company increased its full year FY18 production guidance to 1,200 MBOED to 1,240 MBOED, to reflect the outperformance of Q1 2018 and a change in disposition assumptions. These and other improvements more than offset the impact from a third-party gas pipeline in Malaysia that is now assumed to be out of service for the entire year.

ConocoPhillips' capital guidance of $5.5 billion remains unchanged for FY18. This guidance excludes acquisition investments for the previously announced $0.4 billion bolt-on transaction in Alaska and the $0.1 billion acquisition of additional acreage in the Montney in Canada.

Stock Performance Snapshot

May 16, 2018 - At Wednesday's closing bell, ConocoPhillips' stock slightly dropped 0.34%, ending the trading session at $69.85.

Volume traded for the day: 4.36 million shares.

Stock performance in the last month – up 5.02%; previous three-month period – up 25.83%; past twelve-month period – up 48.21%; and year-to-date – up 27.25%

After yesterday's close, ConocoPhillips' market cap was at $82.41 billion.

The stock has a dividend yield of 1.63%.

The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry. This sector was up 0.5% at the end of the session.

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Source: ACCESSWIRE Investor Awareness (May 17, 2018 - 7:30 AM EDT)

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