ConocoPhillips (COP) beats Q4 revenue estimates; earnings miss expectations

ConocoPhillips (NYSE: COP) reported better-than-expected revenue for the fourth quarter of 2019 while earnings missed estimates. Shares were up 0.54% in premarket hours on Tuesday.

Total revenues and other income were $8.1 billion compared to $10.3 billion in the same period last year. The consensus estimates were for revenue of $7.6 billion.

On a GAAP basis, earnings were $0.7 billion, or $0.65 per share, compared to $1.9 billion, or $1.61 per share, in the year-ago quarter. Adjusted earnings were $0.8 billion, or $0.76 per share. Analysts had forecast adjusted EPS of $0.80.

Production, excluding Libya, was 1,289,000 barrels of oil equivalent per day (MBOED), a decrease of 24 MBOED from the same period a year ago. Production from Libya averaged 45 MBOED. In the Lower 48, production from the Big 3 averaged 387 MBOED, including Eagle Ford of 221 MBOED, Bakken of 96 MBOED and Permian Unconventional of 70 MBOED.

Preliminary 2019 year-end proved reserves are approx. 5.3 billion barrels of oil equivalent (BOE), with total reserve replacement of 100%. This includes a net decrease of around 0.1 billion BOE from closed dispositions related mainly to the UK divestiture.

Also read: Eaton Q4 2019 Earnings Snapshot

For fiscal-year 2020, the operating plan capital guidance is $6.5 billion to $6.7 billion. The production guidance is 1,230 MBOED to 1,270 MBOED, including the impact of a recent third-party pipeline outage on the Kebabangan Field in Malaysia. For the first quarter of 2020, production is expected to be 1,240 MBOED to 1,280 MBOED. Production guidance excludes Libya.

ConocoPhillips declared a quarterly dividend of $0.42 per share, payable March 2, 2020, to stockholders of record on Feb. 14, 2020. The Board of Directors also approved a $10 billion increase in the existing share repurchase program to $25 billion.

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