Subscribe via email
ConocoPhillips's (COP) second-quarter earnings fell 33% during its first reporting period as a stand-alone producer of oil and gas, beating Wall Street forecasts even as low oil prices cut into on-target production results.
The Houston-based oil giant, the biggest independent oil and gas company in the U.S. by production, posted a second-quarter profit of $2.27 billion, or $1.80 a share, down from $3.4 billion, or $2.41 a share, a year earlier.
Excluding write-downs, asset gains and other items, earnings from continuing operations were $1.5 billion, or $1.22 a share, down from $2.3 billion, or $1.64 a share, a year ago. Analysts polled by Thomson Reuters most recently projected earnings of $1.17 a share. The latest period includes one month of earnings related to discontinued operations at its former refining business, which was spun off as Phillips 66 (PSX) in late April.
Investors seemed unimpressed by the beat, however. Conoco shares were down 2.7% at $53.15. Analysts pointed to higher-than-forecast capital expenses and dividend payments exceeding cash flow during a global economic slowdown that has prompted a sharp reduction in oil prices. The market is taking "a negative view of the company's ability to maintain the high dividend and the high capital spending," said Oppenheimer & Co. analyst Fadel Gheit.
Source: Fox Business
Subscribe to:
Post Comments
(Atom)
Social Profiles
    
|
Find us on Facebook
|
|
Blueblock in +659 Circles →
|
Translate
Popular Posts
- Eni makes first big oil discovery - Ghana
- $9bn Oil Revenue Unremitted to Govt, Says Asobie
- Brazil Ethanol Mills to Be Overseen by Oil Regulator ANP
- Understanding 'Indemnities' in Oil & Gas Agreements
- Tanzania Permit Regulation, BG Group, Statoil says they are compliant
- (no title)
- French Oil Giant Total to spend $650million in Uganda
0 comments:
Post a Comment