ConocoPhillips Earnings Top $5 Billion in Latest Blowout Quarter for Oil Majors

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ConocoPhillips Earnings Top $5 Billion in Latest Blowout Quarter for Oil Majors

Tiger Newspress2022-08-04

ConocoPhillips $(COP)$ shares rose 3.4% in premarket trades Thursday after it said its second-quarter earnings more than doubled to $5.1 billion, or $3.96 per share, up from $2.1 billion, or $1.55 a share, in the year-ago quarter.

Excluding items, adjusted earnings were $3.91 a share in the latest quarter. The company beat the profit target of $3.86 a share, according to FactSet estimates.

ConocoPhillips said it is adding $5 billion to its planned 2022 return of capital to bring the total to $15 billion. The oil company will pay both a third-quarter ordinary dividend of 46 cents per share and a fourth-quarter variable return of cash payment of $1.40 per share.

Second-quarter production increased by 104 thousand barrels of oil equivalent per day (MBOED) to 1,692 MBOED, below the Wall Street target of 1,703.2 MBOED. The company said it expects third-quarter production of 1.7 to 1.76 million MBOED, compared to the Wall Street estimate of 1,743.6 MBOED.

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