ConocoPhillips (COP) Tops Q3 EPS by 8c; Raises Dividend

ConocoPhillips (NYSE: COP) reported Q3 EPS of $2.16, $0.08 better than the analyst estimate of $2.08.

Increased the quarterly ordinary dividend by 14% to $0.58 per share.

GUIDANCE:

All guidance has been updated to reflect the acquisition of an additional 50% interest in Surmont but excludes any impacts from the previously announced APLNG transaction.

Fourth-quarter 2023 production is expected to be 1.86 to 1.90 million barrels of oil equivalent per day (MMBOED). Full-year production is expected to be approximately 1.82 MMBOED, as compared to prior guidance of 1.80 to 1.81 MMBOED, due to the Surmont acquisition.

Full-year guidance for adjusted operating cost was updated to $8.6 billion versus the prior guidance of $8.3 billion, reflecting the increased working interest at Surmont, increased Lower 48 non-operated activity and inflationary impacts primarily in the Lower 48. Full-year guidance for depreciation, depletion and amortization was updated to $8.3 billion versus prior guidance of $8.2 billion primarily due to the Surmont acquisition.

Full-year guidance for capital and adjusted corporate segment net loss remains unchanged.

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

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