ConocoPhillips Beats Adjusted Profit Expectations, Despite Lower Energy Prices
July 30 2019 - 7:45AM
Dow Jones News
By Micah Maidenberg
ConocoPhillips (COP) beat Wall Street profit targets for the
second quarter, though its adjusted earnings were lower than a year
ago.
Conoco Tuesday reported a second-quarter profit of $1.6 billion,
or $1.40 a share, compared with earnings of $1.6 billion, or $1.39
a share, a year earlier.
The company's adjusted profit of $1.01 a share for the quarter
was 8 cents lower than last year but surpassed the $1.04 a share
analysts predicted, according to FactSet.
Profit declined due in part to lower realized prices, Conoco
said. Prices fell to $50.50 a barrel of oil equivalent, down from
$54.32 a barrel a year ago.
Houston-based Conoco has been shifting its portfolio and plans
to spend the bulk of its capital budget on projects in the
continental U.S. and Alaska this year.
In April, the company reached a deal to exit energy production
and exploration in the U.K., agreeing to sell assets in the
country's North Sea for about $2.68 billion. It also sold an
interest in an oil resource in the Timor Sea earlier this year.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
July 30, 2019 07:30 ET (11:30 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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