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ConocoPhillips Reports Second-Quarter 2013 Results: Strategic Plan On Track, Raising Full-Year Production Guidance

Stocks in this article: COP

ConocoPhillips (NYSE: COP) today reported second-quarter 2013 earnings of $2.1 billion, or $1.65 per share, compared with second-quarter 2012 earnings of $2.3 billion, or $1.80 per share. Second-quarter 2012 reported earnings included $0.5 billion from downstream operations prior to the separation of Phillips 66 on April 30, 2012.

Excluding special items, second-quarter 2013 adjusted earnings were $1.8 billion, or $1.41 per share, compared with second-quarter 2012 adjusted earnings of $1.5 billion, or $1.19 per share. Special items for the current quarter primarily related to favorable outcomes from pending claims and settlements.

Highlights

  • Strong second-quarter production performance; raising full-year production guidance.
  • Second-quarter production of 1,552 MBOED, including continuing operations of 1,510 MBOED and discontinued operations of 42 MBOED.
  • Major turnarounds and tie-in activity on plan.
  • Eagle Ford production of 121 MBOED, up 98 percent compared with second-quarter 2012.
  • Christina Lake Phase E startup in July; four additional major projects on track for startup by year end in the North Sea and Malaysia.
  • Exploration momentum continues with drilling in the Gulf of Mexico, Australia’s Browse Basin, and unconventional plays in Canada and the Lower 48.
  • Increased quarterly dividend by 4.5 percent.

“We are delivering on our 3 to 5 percent growth targets for both volumes and margins and have raised our full-year production guidance,” said Ryan Lance, chairman and CEO. “We also reaffirmed our commitment to shareholders, and confidence in our long-term plans, by increasing the dividend rate in July.

“We had a very strong quarter, with our base operations and turnaround activity performing as planned,” added Lance. “Production exceeded expectations as growth continued from our development programs, notably in the Eagle Ford where production nearly doubled compared with a year ago. Our major projects are progressing as planned, with Christina Lake Phase E first production in July and startups expected at Jasmine, Ekofisk South, SNP and the Gumusut FPS before year end. Our exploration momentum also continues, with drilling activity ongoing in deepwater, conventional and unconventional plays around the world.”

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