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ConocoPhillips (COP) Beats on Q1 Earnings, Lifts Output View

Zacks Equity Research
Updated

ConocoPhillips COP reported first-quarter 2018 adjusted earnings of 96 cents per share, beating the Zacks Consensus Estimate of 74 cents. In the prior-year quarter, the company had posted a loss of 14 cents.

Revenues of $8,961 million steered past the Zacks Consensus Estimate of $8,680 million and improved from $7,771 million in the year-ago quarter.

The strong first-quarter results were supported by higher oil and natural gas price realizations.

The company has a strong discipline of returning cash back to shareholders. Through the first quarter, as high as 30% of the company’s operating cashflow has been returned through dividend payments and shares repurchases.

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Exploration and Production

Production from continuing operations averaged 1,269 thousand barrels of oil equivalent per day (MBOED) in the quarter, lower than 1,593 MBOED in the year-ago quarter. The decline was led by divestment of assets and decline of field.

Price Realization

Average realized price for oil was $65.49 a barrel, up from $50.97 in the year-earlier quarter. Natural gas liquids were sold at $28.37 a barrel, up from $24.87 in the year-ago quarter. The price of natural gas was $5.13 per thousand cubic feet, up from $3.84 in first-quarter 2017.

Financials

As of Mar 31, 2018, the company had total cash and cash equivalents of $5.2 billion and debt of $17.1 billion, with a debt-to-capitalization ratio of 36%. In the reported quarter, ConocoPhillips generated $2.4 billion in cash from operating activities. Capital expenditures and investments totaled $1.5 billion and dividends payments grossed $338 million.

Total Expenses

Expenses of $7.2 billion in the first quarter contracted from $8 billion in the January-to-March quarter of 2017.

Guidance

ConocoPhillips reiterated its 2018 capital spending at $5.5 billion. For the April-to-June quarter of this year, the company projects production in the range of 1,170-1,210 MBOED.

For 2018, the company’s production projection was raised from 1,195 -1,235 MBOED to 1,200-1,240 MBOED.

ConocoPhillips Price, Consensus and EPS Surprise

ConocoPhillips Price, Consensus and EPS Surprise | ConocoPhillips Quote

Zacks Rank & Stocks to Consider

ConocoPhillips carries a Zacks Rank #3 (Hold). A few better-ranked players in the energy space are Mammoth Energy Services, Inc. TUSK, Baytex Energy Corp. BTE and EOG Resources, Inc. EOG. All the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Mammoth Energy is expected to witness a year-over-year rise of 246.5% in 2018 earnings.

Baytex managed to beat the Zacks Consensus Estimate in each of the last three quarters.

EOG Resources is likely to see year-over-year earnings growth of 317.9% in 2018.

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Baytex Energy Corp (BTE) : Free Stock Analysis Report
 
EOG Resources, Inc. (EOG) : Free Stock Analysis Report
 
ConocoPhillips (COP) : Free Stock Analysis Report
 
MAMMOOTH ENERGY (TUSK) : Free Stock Analysis Report
 
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Zacks Investment Research