ConocoPhillips misses quarterly profit estimates on lower gas prices [Globe and Mail, The (Toronto, Canada)]
ConocoPhillips (COP)
Last conocophillips earnings: 4/30 07:00 am
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Source: Globe and Mail, The
A milder-than-expected winter hurt demand for the heating fuel in the quarter and pulled down U.S. natural gas prices to a three-and-a-half-year low in February, also affecting earnings of U.S. oil majors Exxon Mobil and Chevron. The Houston, Texas-based company's net profit dropped 10 per cent from a year ago to $2.6-billion in the quarter. Adjusted earnings fell to $2.4-billion, or $2.03 per share, from $2.38 per share a year earlier, missing analysts' average estimate of $2.04 per share, according to LSEG data. ConocoPhillips' total average realized price fell 7 per cent to $56.60 per barrel of oil equivalent (boe) in the first quarter, from $60.86 per boe a year earlier. Most of the hit came from a 46 per cent drop in realized natural gas prices in the first quarter. Almost half of the company's production volumes are of natural gas or natural gas liquids. ConocoPhillips said it expects continued volatility in the second quarter coming from its operations in the Permian B
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COP
Earnings
- 5/2/24 - Beat
COP
Sec Filings
- 5/16/24 - Form 8-K
- 5/2/24 - Form 4
- 5/2/24 - Form 4
- COP's page on the SEC website