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ConocoPhillips to release 4Q14 earnings

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ConocoPhillips to release 4Q14 earnings

ConocoPhillips (COP) recently announced that it plans to release its 4Q14 earnings results on January 29.

ConocoPhillips (COP) is an independent exploration and production company with major operations around the world. It operates in Alaska, the contiguous United States, Europe, and Asia Pacific.

In the United States, ConocoPhillips’ operations are concentrated mainly in the Eagle Ford, Bakken, and Permian regions.

ConocoPhillips’ (COP) peers in the Eagle Ford and Bakken regions include Pioneer Natural Resources (PXD), Continental Resources (CLR), and Whiting Petroleum (WLL). Most of these companies are components of the Energy Select Sector SPDR ETF (XLE).

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Third-quarter 2014 earnings recap

ConocoPhillips (COP) reported earnings of $2.7 billion, or $2.17 per share, for the quarter. This compared to $2.5 billion, or $2 per share, in 3Q13. Third-quarter adjusted earnings were $1.6 billion compared to $1.8 billion in the same quarter in 2013.

Adjusted earnings were lower due to lower realized prices and higher operating costs associated with increased turnaround activity, partially offset by higher volumes.

Production from continuing operations, excluding Libya, was 1,473 Mboe/d (thousand barrels of oil equivalent per day). This was an increase of 25 Mboe/d compared to the same period a year ago, representing 4% year-over-year growth, when adjusted for downtime.

ConocoPhillips’ (COP) total realized price was $64.78 per barrel of oil equivalent, ~8% lower compared to $69.68 per barrel of oil equivalent in 3Q13.

Quarterly dividend was increased by 5.8% in July. ConocoPhillips paid dividends of $0.9 billion during the quarter.

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