ConocoPhillips’s second-quarter revenues
For the second quarter, ConocoPhillips (COP) reported revenues of ~$9.24 billion—lower than Wall Street analysts’ consensus of ~$9.93 billion. For the second quarter, ConocoPhillips reported sales and other operating revenues of ~$8.50 billion, equity on earnings from the affiliate of ~$265 million, gains on dispositions of ~$55 million, and other revenues of ~$416 million. In the second quarter, ~92% of ConocoPhillips’s revenues came from oil and gas production sales and purchased commodities.
On a year-over-year basis, ConocoPhillips’s second-quarter revenues are ~4% higher compared to its revenues of ~$8.88 billion in the second quarter of 2017. Sequentially, ConocoPhillips’s second-quarter revenues are ~3% higher compared to its revenues of ~$8.96 billion in the first quarter.
Reasons for the higher revenues
Despite the decrease of ~12% YoY in ConocoPhillips’s second-quarter overall production (including Libya), the company reported significantly higher total realized prices for crude oil, natural gas, and natural gas liquids in the second quarter. The total realized price increased ~51% to $54.32 per boe (barrel of oil equivalent) in the second quarter from $36.08 per boe in the second quarter of 2017.