As of Sept. 30, 2012, ConocoPhillips had debt of $21.1 billion and the debt-to-capital ratio was 31 percent. The company had $1.3 billion of cash and cash equivalents and $2.5 billion in restricted cash targeted for dividends and debt reduction.
Production for the fourth quarter is expected to increase compared to the third quarter of 2012, reflecting completion of turnaround activity and ongoing ramp up in major North American programs, notably in the Eagle Ford and oil sands. Full-year 2012 production is expected to be 1.570 million to 1.580 million BOE per day. The company expects continued progress on its major projects and drilling programs in the fourth quarter, including evaluating drilling results on several exploration prospects.
“Our business is running well, and we expect to achieve several operational and strategic milestones in the months to come,” said Lance. “Our projects and drilling programs continue to perform, our exploration activities are building momentum and our asset sales are progressing. We are on our way to delivering our unique combination of growth, returns and yield.”ConocoPhillips will hold its annual analyst meeting on Feb. 28, 2013 in New York. Representatives from company management will discuss the company’s strategic plans for growth and value creation. ConocoPhillips will host a conference call at 1 p.m. Eastern time today to discuss its quarterly results and provide a status update on operational and strategic plans. To listen to the call and view related presentation materials, go to www.conocophillips.com/investor. For detailed supplemental information, go to www.conocophillips.com/investor/earnings. --- # # # --- About ConocoPhillips Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 30 countries, $115 billion of assets, and approximately 16,700 employees as of Sept. 30, 2012. Production averaged 1.57 million BOE per day for the nine months ended Sept. 30, 2012, and proved reserves were 8.4 billion BOE as of Dec. 31, 2011. For more information, go to www.conocophillips.com. CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This press release contains forward-looking statements. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. In many cases you can identify forward-looking statements by terminology such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and other similar words. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, there can be no assurance that such expectation or belief will result or be achieved. The actual results of operations can and will be affected by a variety of risks and other matters including, but not limited to, changes in commodity prices; changes in expected levels of oil and gas reserves or production; operating hazards, drilling risks, unsuccessful exploratory activities; difficulties in developing new products and manufacturing processes; unexpected cost increases; international monetary conditions; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; and general domestic and international economic and political conditions; as well as changes in tax, environmental and other laws applicable to our business. Other factors that could cause actual results to differ materially from those described in the forward-looking statements include other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, ConocoPhillips undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Use of Non-GAAP Financial Information – This press release includes the terms adjusted earnings and adjusted earnings per share. These are non-GAAP financial measures. Adjusted earnings and adjusted earnings per share are included to help facilitate comparisons of company operating performance across periods. References in the release to earnings refer to net income attributable to ConocoPhillips.
|Reconciliation of Earnings to Adjusted Earnings|
|$ Millions, Except as Indicated|
|Third Quarter||Nine Months|
|Net (gain)/loss on asset sales||(310||)||280||(1,532||)||(139||)|
|Bohai Bay incidents||-||41||89||41|
|International tax law changes||167||109||167||109|
|Deferred tax adjustment||-||-||(72||)||-|
|Pension settlement expense||82||-||82||-|
|Pending claims and settlements||(39||)||-||(39||)||-|
|Premium on early debt retirement||68||-||68||-|
|Earnings per share of common stock (dollars)||$||1.46||1.91||5.55||6.42|
|Adjusted earnings per share of common stock (dollars)||$||1.44||1.40||4.09||4.35|
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