conocophillips earnings 2019
Nine-month 2019 adjusted earnings were $3.2 billion, or $2.83 per share, compared with nine-month 2018 adjusted earnings of $4.0 billion, or $3.41 per share.Production excluding Libya for the first nine months of 2019 was 1,310 MBOED, an 89 MBOED increase from 1,221 MBOED for the 2018 period. In addition, the company generated $2.2 billion in disposition proceeds. Production excluding Libya averaged 1,310 MBOED for the nine months ended Sept. 30, 2019, and proved reserves were 5.3 BBOE as of Dec. 31, 2018. Excluding special items, adjusted earnings were lower compared with third-quarter 2018 due to lower realized prices and higher exploration expenses from increased dry hole costs, partially offset by higher volumes. The company also completed construction and commissioning of the Montney Phase 1 gas plant in Canada, with startup awaiting completion of a third-party pipeline. This growth more than offset normal field decline. All other guidance items are unchanged.ConocoPhillips will host a conference call today at 12:00 p.m. Eastern time to discuss this announcement. Download .PDF. Turnarounds were completed during the quarter in Alaska, Malaysia and Norway.Earnings increased compared with third-quarter 2018 primarily due to the gain from the U.K. divestiture, partially offset by lower realized prices.
ConocoPhillips' (COP) second-quarter results are affected by lower-realized commodity prices and a steep decline in production volumes.
In addition, the company generated $2.9 billion in disposition proceeds.
The company incurred $1.7 billion in capital expenditures and investments that included approximately $0.1 billion for the Alaska acreage acquisition. A live webcast of the meeting will be available on the ConocoPhillips Investor Relations site, Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 17 countries, $70 billion of total assets, and approximately 10,400 employees as of Sept. 30, 2019.
Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Unidentified Speaker. CFO included approximately $0.1 billion from the PDVSA ICC settlement and was reduced by a $0.3 billion U.K. pension fund contribution. In addition, the company repurchased $0.75 billion in shares and paid $0.34 billion in dividends.ConocoPhillips’ nine-month 2019 earnings were $6.5 billion, or $5.72 per share, compared with nine-month 2018 earnings of $4.4 billion, or $3.72 per share. For more information, go to ConocoPhillips Reports Third-Quarter 2019 Results; Returns-Focused Value Proposition Continues to Deliver For the quarter, cash provided by operating activities was $2.3 billion. My name is Zanera, and I'll be the operator for today's call. Hello and welcome to the ConocoPhillips Earnings Conference Call.
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