ConocoPhillips Q4 Earnings Miss Estimates, Revenues Beat

ConocoPhillips (COP - Analyst Report) reported fourth-quarter 2014 adjusted earnings of 60 cents per share, missing the Zacks Consensus Estimate of 62 cents per share and decreasing from the year-earlier profit of $1.40.

Revenues in the reported quarter decreased to $11,851.0 million from the year-ago level of $13,985.0 million. However, revenues surpassed the Zacks Consensus Estimate of $11,735.0 million.

Full-year 2014 adjusted earnings came in at $5.30 a share, missing the Zacks Consensus Estimate of $5.42. Earnings were also less than $5.70 recorded in the prior year.  

Total revenue of $55,517.0 million in 2014 decreased 4.7% year over year and missed the Zacks Consensus Estimate of $55,650.0 million.

Exploration and Production

Daily production averaged 1.589 million barrels of oil equivalent (MMBOE) in the quarter, up from 1.473 MMBOE in the year-ago quarter.

Full-year production of 1.540 MMBOE per day also increased from the prior-year production level of 1.502 MMBOE/d.
Price Realization

In the reported quarter, the company’s total realized price was $52.88 per BOE compared with $65.41 per BOE in the fourth quarter of 2013, reflecting lower average realized prices across all products.

Average realized price for oil was $71.31 per barrel compared with $100.83 in the year-earlier quarter. Natural gas liquids were sold at $31.07 per barrel, down from the year-ago level of $43.07 per barrel. The price for natural gas was $5.98 per thousand cubic feet versus $5.88 in fourth-quarter 2013.

Financials

In 2014, ConocoPhillips generated $16,592.0 million in cash from continuing operating activities. As of Dec 31, 2014, the company had total cash and cash equivalents of $5,062.0 million and $22,565.0 million in debt, with a debt-to-capitalization ratio of 30%.

ConocoPhillips also paid $3,525.0 million in dividends and incurred $17,085.0 million in capital expenditures during 2014.

Guidance

ConocoPhillips expects to deliver 2–3% production growth in 2015. For the first quarter of 2015, production from continuing operations is expected at 1,570–1,610 MBOED, excluding Libya.

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