EPS beat estimates
ConocoPhillips (COP) announced its 4Q16 earnings on February 2, 2017, before the market opened. ConocoPhillips reported adjusted loss of $0.26 per share, $0.16 better than Wall Street analyst consensus for a loss of $0.42 per share.
COP’s 4Q16 EPS (earnings per share) is higher by $0.64 per share when compared with the 4Q15 loss of $0.90 per share. Even when compared sequentially with 3Q16, COP’s 4Q16 EPS is higher by $0.40 per share.
For the full year 2016, ConocoPhillips reported lower EPS of -$2.66 per share from -$1.40 per share in 2015.
Revenues miss estimates
For 4Q16, COP reported adjusted revenues of ~$7.25 billion, ~1% lower than Wall Street analyst consensus for revenues of ~$7.30 billion. COP’s 4Q16 revenues are higher by ~7% when compared with 4Q15 revenues of ~$6.7 billion. Even when compared sequentially with 3Q16, COP’s 4Q16 revenues are higher by ~11%.
For the full-year 2016, ConocoPhillips reported revenues of ~$24.4 billion, ~21% lower than ~$30.9 billion in 2015.
As seen in the above chart, ConocoPhillips reported negative but rising EPS (earnings per share) in 2016 due to rising realized crude oil (USO) and natural gas (UNG) prices. In the last year, ConocoPhillips beat earnings expectations ~75% of the time.
In the last four quarters, other upstream players like Pioneer Natural Resources (PXD), Devon Energy (DVN), and Murphy Oil (MUR) have beat earnings expectations ~75%, ~100%, and ~75% of the time, respectively.
In this series
Having analyzed ConocoPhillips’s 4Q16 earnings and revenue performance in the course of this series, we’ll also look at ConocoPhillips’s region-wise 4Q16 earnings performance, operational performance, cash flow, recent dividend increase, Wall Street analyst ratings, and COP’s price forecast using implied volatility.
Now let’s take a look at ConocoPhillips’s region-wise 4Q16 earnings performance.