ConocoPhillips (COP) Tops Q1 EPS by 57c

ConocoPhillips (NYSE: COP) reported Q1 EPS of $3.27, $0.57 better than the analyst estimate of $2.70.

Outlook:

Second-quarter 2022 production is expected to be 1.67 to 1.73 million barrels of oil equivalent per day (MMBOED), reflecting the impacts of seasonal turnarounds planned in Europe and Canada as well as weather impacts experienced during April in the Bakken. The company’s full-year production is expected to be approximately 1.76 MMBOED, reflecting a net reduction of approximately 25 MBOED from acquisitions and dispositions closed as of May 5, 2022.

The company adjusted its 2022 operating capital guidance to $7.8 billion versus the prior guidance of $7.2 billion, reflecting higher partner-operated spend in Lower 48 and inflationary impacts. This guidance excludes $1.4 billion of capital associated with the closed acquisition of an additional 10% interest in APLNG.

Full-year guidance for depreciation, depletion and amortization has decreased to $7.7 billion, reflecting the impact of revised production guidance. All other guidance items remain unchanged.

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

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