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ConocoPhillips Reports Second-Quarter Earnings Of $2.3 Billion Or $1.80 Per Share

Stocks in this article: COP

ConocoPhillips’ second-quarter 2012 worldwide realized price for crude oil decreased $7.39 per barrel to $105.56 per barrel, compared with $112.95 per barrel for the second quarter of 2011. Realized natural gas prices decreased by 20 percent from $5.50 per thousand cubic feet (MCF) in the second quarter of 2011 to $4.41 per MCF for the current quarter.

During the second quarter of 2012, ConocoPhillips repurchased approximately 52 million of its shares, or 4 percent of shares outstanding, for $3.1 billion. This brings the company’s total shares repurchased to approximately 20 percent of the shares outstanding at the inception of the repurchase program in 2010. At June 30, 2012, the outstanding basic shares were 1,215 million.

During the quarter, ConocoPhillips generated $3.0 billion in cash from continuing operating activities excluding working capital. Current-quarter cash flows reflect the impact of scheduled downtime in high-margin operations. Cash provided by continuing operating activities was $2.2 billion, reflecting a $0.8 billion increase in working capital. The company also received $0.5 billion in proceeds from asset dispositions and increased debt by $0.8 billion. ConocoPhillips funded a $4.0 billion capital program, repurchased $3.1 billion of its common stock and paid $0.8 billion in dividends.

Six-Month Review

ConocoPhillips’ six-month 2012 earnings were $5.2 billion, or $4.08 per share, compared with $6.4 billion, or $4.50 per share, for the same period in 2011. Six-month 2012 adjusted earnings were $3.4 billion, or $2.65 per share, compared with six-month 2011 adjusted earnings of $4.2 billion, or $2.96 per share.

Production for the first six months of 2012 was 1.59 million BOE per day, compared with 1.67 million BOE per day for the same period in 2011. The decrease was primarily from normal decline and asset dispositions, partially offset by new production from major projects and other field exploitation.

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