ConocoPhillips Q2 Profit Decreases - Quick Facts

(RTTNews) - ConocoPhillips (COP) reported second-quarter earnings of $2.05 billion, or $1.65 per share, compared to $2.27 billion, or $1.80 per share, last year. The company noted that its prior year quarter earnings included $0.5 billion from downstream operations prior to the separation of Phillips 66 on April 30, 2012. Excluding special items, second-quarter 2013 adjusted earnings were $1.75 billion, or $1.41.

On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $1.29 for the quarter. Analysts' estimates typically exclude special items.

Total revenues and other income decreased to $14.14 billion, from $14.84 billion last year. Analysts expected revenue of $12.75 billion for the quarter.

Production from continuing operations for the second quarter of 2013 was 1,510 MBOED, compared with 1,489 MBOED for the second quarter of 2012.

"We are delivering on our 3 to 5 percent growth targets for both volumes and margins and have raised our full-year production guidance," said Ryan Lance, chairman and CEO.

The company expects its third-quarter production from continuing operations to be 1,460 to 1,490 MBOED, reflecting previously announced planned downtime and turnaround activity. Full-year 2013 production from continuing operations is expected to be 1,515 to 1,530 MBOED.