ConocoPhillips (COP) came out with quarterly earnings of $1.98 per share, missing the Zacks Consensus Estimate of $2.06 per share. This compares to earnings of $1.84 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -3.88%. A quarter ago, it was expected that this energy company would post earnings of $1.99 per share when it actually produced earnings of $2.03, delivering a surprise of 2.01%.Over the last four quarters, the comp ...

Financial Performance - Total revenues for Q2 2024 were $12,884 million, a decrease of 13.4% from Q1 2024's $15,517 million[1] - Net income for Q2 2024 was $2,232 million, down 23.6% from Q1 2024's $2,920 million[1] - Basic earnings per share for Q2 2024 were $1.84, compared to $2.38 in Q1 2024, reflecting a decline of 22.7%[1] - Total costs and expenses for Q2 2024 were $9,522 million, a decrease of 13.1% from Q1 2024's $10,955 million[1] - The company reported a year-to-date net income of $4,880 million for 2024, compared to $10,957 million for the full year 2023[1] - Consolidated earnings for Q3 2023 reached $2,798 million, a decrease of 4.3% compared to Q2 2023[3] - Adjusted earnings for the Lower 48 segment in Q3 2023 were $1,681 million, reflecting a 10.5% decrease from Q2 2023[3] - The total adjusted earnings for the consolidated company in Q3 2023 were $2,601 million, down from $2,732 million in Q2 2023[3] - Net income for Q3 2023 was $2,798 million, a decrease from $2,920 million in Q1 2023 and an increase from $2,232 million in Q2 2023[7] - The company reported a net income of $300 million, reflecting a 10% increase compared to the same quarter last year[14] Tax and Expenses - The effective income tax rate for Q2 2024 was 33.6%, compared to 36.0% in Q1 2024[2] - The effective income tax rate for the Lower 48 segment was 22.3% in Q3 2023, slightly up from 22.2% in Q2 2023[4] - The effective income tax rate for the consolidated company was 36.0% in Q3 2023, consistent with Q2 2023[4] - Interest and debt expense for Q2 2024 was $179 million, down from $188 million in Q1 2024, a decrease of 4.8%[1] - Corporate and other earnings showed a loss of $333 million in the 3rd quarter of 2023, contributing to a full-year loss of $821 million[12] - Net interest expense for the 3rd quarter of 2023 was $91 million, consistent with the previous quarter[12] Assets and Liabilities - Total current assets for Q3 2023 were $17,181 million, a 20.5% increase from Q2 2023's $13,501 million[6] - Total liabilities reached $45,906 million in Q3 2023, a 9.5% increase compared to $42,074 million in Q2 2023[6] - Total equity for Q3 2023 was $47,745 million, a slight increase from $47,531 million in Q2 2023[6] - The company reported a total debt of $19,063 million in the 3rd quarter of 2023, an increase from $16,444 million in the 2nd quarter[12] - The debt-to-capital ratio increased to 29% in the 3rd quarter of 2023, compared to 26% in the 1st and 2nd quarters[12] Production and Operations - Total production for Q3 2023 was 1,806 MBOED, with a year-to-date average of 1,923 MBOED[8] - Consolidated crude oil production in Q3 2023 was 914 MBD, with a year-to-date average of 934 MBD[8] - Natural gas production for Q3 2023 reached 3,141 MMCFD, with a year-to-date average of 3,336 MMCFD[8] - The company expects production to increase to 1,945 MBOED in Q4 2024[8] - Lower 48 crude oil production averaged 576 MBD for the full year 2023, with a decline to 553 MBD in Q1 2024[10] - The company anticipates a production increase in the Lower 48 region, projecting 575 MBD for Q2 2024[10] Market and Growth Initiatives - The company expects continued market expansion and new product development initiatives in the upcoming quarters[3] - Market expansion efforts have led to a 10% increase in market share in the Asia-Pacific region[14] - The company completed a strategic acquisition of a competitor for $1 billion, expected to enhance its product offerings and market presence[14] - The company plans to enter two new international markets by the end of the fiscal year, targeting a potential revenue increase of $300 million[14] Technology and Innovation - The company is investing $200 million in new technology development aimed at improving production efficiency by 25%[14] - The company’s technology expenses included a loss of $14 million in the 3rd quarter of 2023, reflecting ongoing investments in new technologies[12] Sales and Revenue Growth - Sales and other operating revenues for Q2 2024 were $12,351 million, down from $14,811 million in Q1 2024, a decline of 16.6%[1] - New product launches contributed to a 30% increase in sales, with the latest product line generating $500 million in revenue[14] - The company provided a revenue guidance of $2 billion for the next quarter, indicating a 15% growth compared to the previous quarter[14] Cost Management - Cost reduction strategies implemented resulted in a 12% decrease in operational expenses[14]

HOUSTON, TEXAS - JUNE 14: The ConocoPhillips Headquarters on June 14, 2024 in Houston, Texas. (Photo ... [+] by Brandon Bell/Getty Images)Getty ImagesConocoPhillips (NYSE: COP), a pure-play oil and natural gas producer, is scheduled to announce its fiscal second-quarter results on Thursday, August 1. We expect ConocoPhillips stock to trade higher post Q2 with both revenue and earnings beating market expectations marginally. COP stock is down 6% year-to-date to $110. In comparison, COP’s peer Exxon Mobil sto ...

ConocoPhillips  COP is set to release earnings results for its second quarter, before the opening bell on Aug. 1, 2024.Analysts expect the Houston, Texas-based company to report quarterly earnings at $1.96 per share, up from $1.84 per share in the year-ago period. ConocoPhillips is projected to report quarterly revenue of $14.92 billion, according to data from Benzinga Pro.ConocoPhillips and Marathon Oil Corporation MRO recently received a Second Request from the Federal Trade Commission (FTC) to extend the ...

alvarez/E+ via Getty Images ConocoPhillips (NYSE:COP) stock is -4.3% during the past year and has significantly underperformed both the S&P 500 (+19.5%) and The Energy Select Sector SPDR Fund ETF (XLE), which is +5.4%. In Q1, COP's earnings of $2.03/share were down $0.35/share from the year earlier period. That was primarily due to lower average realized pricing ($56.60/boe vs. $60.86/boe) as Henry Hub natural gas realizations dropped from $2.92/Mcf to $1.57/Mcf. And domestic natural gas pricing continues t ...

Oil stocks, though powerfully relevant even in the age of new-energy vehicles, have presented a difficult narrative. With the rise of electric vehicles, consumers actually have choices now that extend beyond the hydrocarbon paradigm. Also, scientific concerns such as climate change have impacted the ideological discourse. Nevertheless, a possible pivot in the political realm may invigorate fossil fuels.At the beginning of last week, President Joe Biden shocked the nation – indeed the world – by announcing t ...

ConocoPhillips (COP) is set to report second-quarter 2024 results on Aug 1, 2024, before the opening bell.The Zacks Consensus Estimate for second-quarter earnings is pegged at $2.06 per share, implying growth of almost 12% from the year-ago reported number. The estimate was revised downward by six analysts in the past 30 days against one upward movement. The Zacks Consensus Estimate for quarterly revenues is currently pegged at $15.1 billion, suggesting an almost 17% uptick from the year-ago actuals. Image ...

The energy sector is one which is bound to grow over the next few years, meaning there are a good few energy stocks to buy now for the coming surge. We have tremendous needs, and these needs are only growing as we gain more and more electric technology. The influx of electronic vehicles, crypto-mining, and more powerful AI-based generative software has led to a spike in energy consumption.In fact, ChatGPT alone uses more than 17,000 times the energy usage of the average American home every day. We can see t ...

ConocoPhillips (COP) , a U.S.-based exploration and production company, has received the support of the High Court of Trinidad and Tobago regarding an arbitration claim worth $1.3 billion against Venezuela over its expropriated assets. The claim was originally made in late May 2024. The Trinidad and Tobago High Court has upheld its previous decision, which may potentially freeze the country’s payments to Venezuela over joint natural gas projects.The court ruling allows ConocoPhillips to enforce a $1.33 bill ...

The latest trading session saw ConocoPhillips (COP) ending at $116.61, denoting a +0.46% adjustment from its last day's close. The stock exceeded the S&P 500, which registered a loss of 0.78% for the day. Meanwhile, the Dow experienced a drop of 1.29%, and the technology-dominated Nasdaq saw a decrease of 0.7%.Prior to today's trading, shares of the energy company had gained 6.1% over the past month. This has outpaced the Oils-Energy sector's loss of 7.83% and the S&P 500's gain of 2.14% in that time.Market ...