ConocoPhillips beats Q2 adjusted EPS estimates, keeps FY view
COP•Q2 earnings beat estimates
ConocoPhillips beat analyst expectations for second-quarter adjusted earnings per share.
- U.S. oil and gas producer's Q2 adjusted EPS beat analyst expectations
- Q2 production fell 4% yr/yr after asset adjustments, mainly due to Middle East conflict
- Company doubled share repurchases, raising total shareholder distributions to $3.0 bln
Production outlook unchanged
ConocoPhillips expects third-quarter production of 2.29 to 2.32 mln barrels of oil equivalent per day.
- Company says all full-year guidance items remain unchanged
Result drivers
- Higher realized prices - Adjusted earnings rose mainly due to a 36% increase in average realized price per BOE compared to the prior year
- Production decline - Q2 production fell 4% yr/yr after asset adjustments, as organic growth in Lower 48 was more than offset by Middle East conflict impacts and higher Surmont royalties
Key reported metrics and analyst coverage
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 Adjusted EPS |
