ConocoPhillips Q2 Profit Beats Estimates - Quick Facts

(RTTNews) - ConocoPhillips (COP) reported second-quarter earnings to company of $2.08 billion, or $1.67 per share, compared to $2.05 billion, or $1.65 per share, prior year. Excluding special items, adjusted earnings were $2.0 billion, or $1.61 per share, for the quarter.

On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $1.60 for the quarter. Analysts' estimates typically exclude special items.

Total revenues and other income was $14.70 billion, compared to $14.14 billion, prior year. Analysts expected revenue of $15.38 billion for the quarter.

Production from continuing operations, excluding Libya, was 1,556 MBOED, an increase of 95 MBOED compared with the same period a year ago, reflecting 35 MBOED lower downtime in the second quarter of 2014 and 60 MBOED, or 4 percent, net organic growth. The company said the increase was primarily due to new production from development programs and major projects, partially offset by normal field decline.

The company said it is on track to achieve 3 to 5 percent volume and margin growth in 2014. The third and fourth quarter 2014 production guidance for continuing operations, excluding Libya, is unchanged.

The company expects its third-quarter production to be 1,435 to 1,485 MBOED. Fourth-quarter 2014 production is expected to be 1,590 to 1,640 MBOED, reflecting a strong anticipated exit rate at year-end.

The company raised the midpoint of its 2014 full-year production outlook for continuing operations, excluding Libya. Full-year production guidance is now approximately 1,525 to 1,550 MBOED.