ConocoPhillips (NYSE: COP) reported Q2 EPS of $1.09, $0.01 better than the analyst estimate of $1.08.

Outlook

The company increased full-year 2018 production guidance to 1,225 to 1,255 MBOED to reflect the higher-than-budgeted partner-operated activity, improved performance across several operating areas and completion of the Alaska Western North Slope bolt-on acquisition. Third-quarter 2018 production is expected to be 1,215 to 1,255 MBOED, which reflects typical seasonal turnarounds and maintenance activity. All production guidance excludes Libya.

The company’s 2018 operated capital scope remains unchanged, excluding acquisition-related activity. However, the company is adjusting its capital guidance to $6 billion from $5.5 billion, reflecting a higher $65 WTI per barrel price environment versus the $50 WTI per barrel initially assumed. This guidance excludes the previously announced $0.4 billion bolt-on acquisition in the Alaska Western North Slope and $0.1 billion to acquire additional acreage in the Montney in Canada.

Based on higher expected production, the company has increased its full-year guidance for depreciation, depletion and amortization expense to $5.9 billion from $5.8 billion.

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