ConocoPhillips (COP) Drills for Bright Spot in Q3 Results
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ConocoPhillips (NYSE: COP) reported a third-quarter EPS of $1.00, 6 cents better than the market estimate of 94 cents a share. The Company's results are down from a $3.39 EPS in the same quarter last year.
Revenue for the third-largest U.S. oil producer reported revenue for the third-quarter at $41.3 billion, down from $71.4 billion in the year-ago quarter. Profit for ConocoPhillips fell to $1.5 billion, from %5.2 billion last year in the same quarter.
"Although we operated well, we were adversely impacted by low North American natural gas prices and worldwide refining margins," ConocoPhillips Chairman and CEO, Jim Mulva stated.
The Company stated that the third-quarter production was impacted by the decline in demand for natural gas and the partial shutdown of the Ekofisk field in the North Sea, following a ship colliding with the platform in September.
Production for the Company was highlighted in a press statement prior to the earning call later today. Year-to-date ConocoPhillips has 1.86 million barrels of oil per day coming in. In the same period last year the company was bring in 1.76 million barrels per day of oil.
News of the profit drop has shares of the Company moving down 2 percent, trading currently at $49.88.
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