Conocophillips (COP) Tops Q4 EPS by 1c; to Cut 2015 CAPEX by $2B

Conocophillips (NYSE: COP) reported Q4 EPS of $0.60, $0.01 better than the analyst estimate of $0.59.

In anticipation of weak 2015 commodity prices, the company has further reduced its expected 2015 capital expenditures to $11.5 billion from the $13.5 billion previously announced. Reductions since the December capital announcement will come primarily from the deferral of onshore drilling and exploration programs in the Lower 48, and deferral of major project spending. At this level of capital, the company expects to achieve 2 to 3 percent production growth in 2015 from continuing operations, excluding Libya.

“We are responding decisively to a weak price outlook in 2015 by exercising our capital and balance sheet flexibility,” said Ryan Lance, chairman and chief executive officer. “In this environment our priorities are to protect our dividend and base production, stay on track for cash flow neutrality in 2017, and preserve future opportunities.”

For earnings history and earnings-related data on Conocophillips (COP) click here.

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