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ConocoPhillips (COP) Reports Q2 Earnings: What Key Metrics Have to Say
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ConocoPhillips (COP - Free Report) reported $12.88 billion in revenue for the quarter ended June 2023, representing a year-over-year decline of 41.4%. EPS of $1.84 for the same period compares to $3.91 a year ago.
The reported revenue represents a surprise of -12.02% over the Zacks Consensus Estimate of $14.64 billion. With the consensus EPS estimate being $1.94, the EPS surprise was -5.15%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how ConocoPhillips performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Total Production Continuing operations per day: 1805 MBOE/D versus 1790.42 MBOE/D estimated by eight analysts on average.
Natural gas liquids produced per day-Total company: 283 MBBL/D versus the seven-analyst average estimate of 280.04 MBBL/D.
Average Sale Price-Natural gas-Total company per Mcf: $5.04 versus the five-analyst average estimate of $4.46.
Average Sales Price-Natural gas liquids-Lower 48 per bbl: $19.61 compared to the $25.10 average estimate based on four analysts.
Average Sale Price-Natural gas-Alaska per per Mcf: $4.38 versus $2.44 estimated by four analysts on average.
Average Sale Price-Natural gas-Lower 48 per Mcf: $1.43 compared to the $2.19 average estimate based on four analysts.
Natural gas produced per day-Alaska: 34 MMcf/D versus 36.6 MMcf/D estimated by four analysts on average.
Natural gas produced per day-Lower 48: 1478 MMcf/D versus the four-analyst average estimate of 1449.82 MMcf/D.
Crude oil produced per day-Alaska: 176 MBBL/D versus the four-analyst average estimate of 174.42 MBBL/D.
Sales and other operating revenues: $12.35 billion compared to the $14.53 billion average estimate based on five analysts. The reported number represents a change of -41.6% year over year.
Equity in earnings of affiliates: $412 million compared to the $372.23 million average estimate based on three analysts. The reported number represents a change of -21.4% year over year.
Other Income: $122 million versus the two-analyst average estimate of $108.35 million. The reported number represents a year-over-year change of +190.5%.
Shares of ConocoPhillips have returned +11.1% over the past month versus the Zacks S&P 500 composite's +1.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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ConocoPhillips (COP) Reports Q2 Earnings: What Key Metrics Have to Say
ConocoPhillips (COP - Free Report) reported $12.88 billion in revenue for the quarter ended June 2023, representing a year-over-year decline of 41.4%. EPS of $1.84 for the same period compares to $3.91 a year ago.
The reported revenue represents a surprise of -12.02% over the Zacks Consensus Estimate of $14.64 billion. With the consensus EPS estimate being $1.94, the EPS surprise was -5.15%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how ConocoPhillips performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Total Production Continuing operations per day: 1805 MBOE/D versus 1790.42 MBOE/D estimated by eight analysts on average.
- Natural gas liquids produced per day-Total company: 283 MBBL/D versus the seven-analyst average estimate of 280.04 MBBL/D.
- Average Sale Price-Natural gas-Total company per Mcf: $5.04 versus the five-analyst average estimate of $4.46.
- Average Sales Price-Natural gas liquids-Lower 48 per bbl: $19.61 compared to the $25.10 average estimate based on four analysts.
- Average Sale Price-Natural gas-Alaska per per Mcf: $4.38 versus $2.44 estimated by four analysts on average.
- Average Sale Price-Natural gas-Lower 48 per Mcf: $1.43 compared to the $2.19 average estimate based on four analysts.
- Natural gas produced per day-Alaska: 34 MMcf/D versus 36.6 MMcf/D estimated by four analysts on average.
- Natural gas produced per day-Lower 48: 1478 MMcf/D versus the four-analyst average estimate of 1449.82 MMcf/D.
- Crude oil produced per day-Alaska: 176 MBBL/D versus the four-analyst average estimate of 174.42 MBBL/D.
- Sales and other operating revenues: $12.35 billion compared to the $14.53 billion average estimate based on five analysts. The reported number represents a change of -41.6% year over year.
- Equity in earnings of affiliates: $412 million compared to the $372.23 million average estimate based on three analysts. The reported number represents a change of -21.4% year over year.
- Other Income: $122 million versus the two-analyst average estimate of $108.35 million. The reported number represents a year-over-year change of +190.5%.
View all Key Company Metrics for ConocoPhillips here>>>Shares of ConocoPhillips have returned +11.1% over the past month versus the Zacks S&P 500 composite's +1.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.