ConocoPhillips’s 1Q18 earnings
ConocoPhillips announced its 1Q18 earnings on April 26 before the market opened. In 1Q18, ConocoPhillips reported revenues of ~$9.0 billion—higher than analysts’ consensus of ~$8.8 billion. In 1Q18, ConocoPhillips reported an adjusted profit of $0.96 per share, which beat analysts’ expectation of 0.73 per share.
Reaction to 1Q18 earnings
On April 26, in reaction to the 1Q18 earnings, ConocoPhillips’s stock price gapped up more than 1%. As the day progressed, ConocoPhillips stock rose and closed the day with a gain of ~3%. Currently, ConocoPhillips is trading marginally lower than its pre-earnings close.
YTD (year-to-date) in 2018, ConocoPhillips is among the top performing upstream companies with a 19% return. ConocoPhillips is broadly outperforming the SPDR S&P Oil and Gas Exploration & Production ETF (XOP), which represents an index of stocks across the energy industry. XOP has ~78% exposure to the oil and gas exploration and production industry. XOP has risen ~5% in 2018. To learn about the best and worst upstream stock performers in 2018, read 2018’s Best- and Worst-Performing Upstream Energy Stocks.