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ConocoPhillips Reports Third-Quarter Earnings Of $1.8 Billion Or $1.46 Per Share

In line with worldwide commodity prices, ConocoPhillips’ realized prices fell in the third quarter compared to the same period of 2011. Realized crude oil prices decreased $3.89 per barrel to $102.72 per barrel, compared with $106.61 per barrel for the third quarter of 2011. Realized natural gas prices decreased by 16 percent from $5.45 per thousand cubic feet (MCF) in the third quarter of 2011 to $4.56 per MCF for the current quarter. Realized natural gas liquids (NGL) prices decreased by 27 percent to $40.39 per barrel, compared with $55.61 per barrel for the third quarter of 2011.

During the quarter, ConocoPhillips generated $3.9 billion in cash from continuing operating activities, excluding working capital. Cash provided by continuing operating activities was $3.5 billion, reflecting a $0.4 billion increase in working capital. The company also received $0.5 billion in proceeds from asset dispositions. The company funded a $3.7 billion capital program, paid dividends of $0.8 billion and reduced debt by $2.0 billion.

Nine-Month Review

ConocoPhillips’ nine-month 2012 earnings were $7.0 billion, or $5.55 per share, compared with $9.0 billion, or $6.42 per share, for the same period in 2011. Nine-month 2012 adjusted earnings were $5.1 billion, or $4.09 per share, compared with nine-month 2011 adjusted earnings of $6.1 billion, or $4.35 per share.

Production for the first nine months of 2012 was 1.569 million BOE per day, compared with 1.626 million BOE per day for the same period in 2011. Excluding asset dispositions, normal field decline was largely offset by new production from major projects and drilling programs.

ConocoPhillips’ nine-month 2012 worldwide realized price for crude oil increased to $106.92 per barrel, compared with $105.78 per barrel for the first nine months of 2011. Realized natural gas prices decreased by 15 percent from $5.39 per MCF for the first nine months of 2011 to $4.60 per MCF for the first nine months of 2012. Realized NGL prices decreased by 16 percent to $46.02 per barrel, compared with $54.97 per barrel for the first nine months of 2011.

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