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ConocoPhillips (COP) Posts Wider-than-Expected Loss in Q2
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ConocoPhillips (COP - Free Report) reported second-quarter 2016 adjusted loss of 79 cents per share, wider than the Zacks Consensus Estimate of a loss of 62 cents. The year-ago-quarter adjusted profit was 7 cents per share.
Revenues of $5.58 billion missed the Zacks Consensus Estimate of $6.47 billion. Moreover, revenues declined from $8.67 billion generated in the year-ago quarter.
Exploration and Production
Daily production, from continuing operations, averaged 1.546 million barrels of oil equivalent (MMBOE) in the quarter, down from 1.595 MMBOE in the year-ago quarter.
Price Realization
Average realized price for oil was $42.72 per barrel compared with $58.00 in the year-earlier quarter. Natural gas liquids were sold at $16.55 per barrel, down from the year-ago level of $19.62 per barrel. The price of natural gas was $2.49 per thousand cubic feet compared with $3.90 in second-quarter 2015.
Financials
As of Jun 30, 2016, the company had total cash and cash equivalents of $2.86 billion and $28.68 billion in debt, with a debt-to-capitalization ratio of 43%. In the reported quarter, ConocoPhillips generated cash from operating activities of $1.26 billion. The company funded $1.1 billion in capital expenditures and investments, and paid dividends of $0.3 billion. Additionally, the company repaid debt of $0.8 billion and purchased $1.0 billion in short-term investments.
Guidance
ConocoPhillips' third-quarter 2016 production guidance is 1,510 to 1,550 MBOED, which reflects significant planned turnaround activity. For full-year 2016, ConocoPhillips raised its production guidance to 1,540 to 1,570 MBOED, reflecting strong year-to-date performance across most of the portfolio.
Earlier, the company had said it expects to meet its full-year production guidance of about 1,525 MBOED. The company however lowered its 2016 capital expenditures guidance from $5.7 billion to $5.5 billion.
ConocoPhillips currently carries a Zacks Rank #2 (Buy). Other players to be considered in the energy sector include Sasol Ltd (SSL - Free Report) , Dril-Quip, Inc. (DRQ - Free Report) and Murphy USA Inc (MUSA - Free Report) . Each of these stocks sports a Zacks Rank #1 (Strong Buy).
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ConocoPhillips (COP) Posts Wider-than-Expected Loss in Q2
ConocoPhillips (COP - Free Report) reported second-quarter 2016 adjusted loss of 79 cents per share, wider than the Zacks Consensus Estimate of a loss of 62 cents. The year-ago-quarter adjusted profit was 7 cents per share.
Revenues of $5.58 billion missed the Zacks Consensus Estimate of $6.47 billion. Moreover, revenues declined from $8.67 billion generated in the year-ago quarter.
Exploration and Production
Daily production, from continuing operations, averaged 1.546 million barrels of oil equivalent (MMBOE) in the quarter, down from 1.595 MMBOE in the year-ago quarter.
Price Realization
Average realized price for oil was $42.72 per barrel compared with $58.00 in the year-earlier quarter. Natural gas liquids were sold at $16.55 per barrel, down from the year-ago level of $19.62 per barrel. The price of natural gas was $2.49 per thousand cubic feet compared with $3.90 in second-quarter 2015.
Financials
As of Jun 30, 2016, the company had total cash and cash equivalents of $2.86 billion and $28.68 billion in debt, with a debt-to-capitalization ratio of 43%. In the reported quarter, ConocoPhillips generated cash from operating activities of $1.26 billion. The company funded $1.1 billion in capital expenditures and investments, and paid dividends of $0.3 billion. Additionally, the company repaid debt of $0.8 billion and purchased $1.0 billion in short-term investments.
Guidance
ConocoPhillips' third-quarter 2016 production guidance is 1,510 to 1,550 MBOED, which reflects significant planned turnaround activity. For full-year 2016, ConocoPhillips raised its production guidance to 1,540 to 1,570 MBOED, reflecting strong year-to-date performance across most of the portfolio.
Earlier, the company had said it expects to meet its full-year production guidance of about 1,525 MBOED. The company however lowered its 2016 capital expenditures guidance from $5.7 billion to $5.5 billion.
CONOCOPHILLIPS Price, Consensus and EPS Surprise
CONOCOPHILLIPS Price, Consensus and EPS Surprise | CONOCOPHILLIPS Quote
Zacks Rank
ConocoPhillips currently carries a Zacks Rank #2 (Buy). Other players to be considered in the energy sector include Sasol Ltd (SSL - Free Report) , Dril-Quip, Inc. (DRQ - Free Report) and Murphy USA Inc (MUSA - Free Report) . Each of these stocks sports a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>