ConocoPhillips (COP) Misses Q2 EPS by 1c

ConocoPhillips (NYSE: COP) reported Q2 EPS of $0.07, $0.01 worse than the analyst estimate of $0.08.

Outlook

The company is on track to achieve the higher end of its 2015 production target of 2 to 3 percent growth compared with 2014 production from continuing operations, excluding Libya. Third-quarter 2015 production, excluding Libya, is expected to be 1,510 to 1,550 MBOED, which reflects planned turnaround activity during the quarter.

The company has reduced its 2015 capital expenditures guidance from $11.5 billion to $11.0 billion. Guidance for operating costs has been reduced from $9.2 billion to $8.9 billion and the corporate segment net expense has been reduced from $1.0 billion to $0.9 billion. The aggregate impact of these reductions is approximately a $0.9 billion benefit to net cash flow.

Guidance for depreciation, depletion and amortization of $9.0 billion, and exploration dry hole and leasehold impairment expense of $0.8 billion are unchanged. Guidance excludes any special items.

For earnings history and earnings-related data on ConocoPhillips (COP) click here.

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