ConocoPhillips (COP) Tops Q3 EPS by 9c

ConocoPhillips (NYSE: COP) reported Q3 EPS of $1.29, ex-items, $0.09 better than the analyst estimate of $1.20.

“Operationally, we are meeting our growth milestones,” said Ryan Lance, chairman and CEO. “We recently started production at three major projects, continued to generate strong results from our development activities in the North American unconventionals and completed a series of planned major turnarounds across the portfolio. On the financial side, we increased the dividend in July, and we continue to remain focused on returns and growing our margins.

“ConocoPhillips is well positioned in the current environment to deliver 3 to 5 percent volume and margin growth with an attractive dividend. We have completed a significant transformation that provides us with strong base assets and a high-quality inventory of investment opportunities. Importantly, we expect strong growth in 2015 driven by ongoing success in the North American unconventionals and startup of several major projects, including Surmont 2 and APLNG. Capital spending on those projects peaked in 2014, which provides increasing capital flexibility. This increased flexibility allows us to respond more easily to changing market conditions while continuing to deliver organic growth and an attractive dividend.”

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

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