ConocoPhillips’s EBITDA normalized to production
In 2Q16, ConocoPhillips (COP) reported adjusted EBITDA (earnings before interest, tax, depreciation and amortization) normalized to total production of ~$8.7 per boe (barrel of oil equivalent), which is ~52% lower than in 2Q15.
ConocoPhillips’s adjusted EBITDA normalized to total production peaked in 1Q14 and was on a declining trend until 4Q15. In 4Q15, COP reported its lowest ever adjusted EBITDA normalized to total production of only ~$5.4 per boe. Sequentially, ConocoPhillips’s 2Q16 adjusted EBITDA normalized to total production is higher by ~36%, when compared with 1Q16.
For 2Q16, other upstream companies like Murphy Oil (MUR), and California Resources (CRC), and Denbury Resources (DNR) have also reported much lower year-over-year adjusted EBITDA normalized for total production.