ConocoPhillips Q1 Profit Falls But Tops View

(RTTNews) - Oil & gas exploration business ConocoPhillips (COP) on Thursday reported lower earnings for the first quarter of 2023. Earnings however surpassed analyst estimates.

Earnings for the first quarter stood at $2.92 billion or $2.38 per share as compared with $5.76 billion or $4.39 per share in the first quarter of the previous year.

Adjusted earnings for the first quarter stood at $2.92 billion or $2.38 per share as compared with $4.29 billion or $3.27 per share in the first quarter of the previous year.

22 analysts polled by Thomson Reuters were expecting the company to report earnings of $2.1 per share. Analysts typically exclude one-time items.

ConocoPhillips announced a quarterly ordinary dividend of $0.51 per share, payable June 1, 2023, to stockholders of record at the close of business on May 16, 2023. In addition, the company announced a Variable Return of Cash of $0.60 per share, payable July 14, 2023, to stockholders of record at the close of business on June 27, 2023.

Production in the second quarter of 2023 is expected to be 1.77 to 1.81 million barrels of oil equivalent per day (MMBOED).

The company raised full-year production guidance midpoint by 10 MBOED. Full-year production is now expected to be 1.78 to 1.80 MMBOED, as compared to prior guidance of 1.76 to 1.80 MMBOED.

Shares of ConocoPhillips are currently trading in pre-market at $95.79, down $0.30 or 0.31 percent from the previous close.