ConocoPhillips (COP) Tops Q3 EPS by 38c

ConocoPhillips (NYSE: COP) reported Q3 EPS of $1.77, $0.38 better than the analyst estimate of $1.39.

Outlook:

Fourth-quarter 2021 production is expected to be 1.53 to 1.57 MMBOED, excluding Libya as well as impacts from the pending Shell Permian acquisition.

This guidance includes the impact of planned conversion of the significant majority of previously acquired Concho two-stream contracted volumes to a three-stream (crude oil, natural gas and natural gas liquids) reporting basis as Concho volumes are integrated into the company’s commercial activities. The conversion to three-stream reporting is neutral to earnings. Effective in the fourth quarter, this conversion is expected to add production of approximately 40 MBOED and increase both revenue and operating costs by roughly $70 million.

The company updated its 2021 depreciation, depletion and amortization expense guidance to $7.1 billion versus the prior guidance of $7.4 billion, reflecting positive revisions to proved reserves as a result of higher commodity prices. The company’s other guidance items are unchanged.

ConocoPhillips will host a conference call today at 12:00 p.m. Eastern time to discuss this announcement. To listen to the call and view related presentation materials and supplemental information, go to www.conocophillips.com/investor. A recording and transcript of the call will be posted afterward.

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

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