: ConocoPhillips tops profit estimates for first quarter

ConocoPhillips COP said Thursday it had net income of $2.9 billion, or $2.38 per share, for the first quarter, down from $5.8 billion, or $4.39 a share, in the year-earlier period. The FactSet consensus was for EPS of $2.06. The decline was mostly due to lower realized prices, which averaged $60.86 per barrel of oil equivalent in the period, down 21% from $76.99 a year ago. The quarter was also hit by the absence of one-time gains posted in the first quarter of 2022. Production came to $1.792 million barrels of oil equivalent, or mBOED, which was up by 45 mBOED from a year ago. The FactSet consensus was for production of 1.752 mBOED. Conoco does not report revenue, preferring to rely on production numbers. The company is now expecting second-quarter production of 1.77 to 1.81 mBOED, which compares with a FactSet consensus of 1.78 mBOED. For the full year, it expects 1.78 to $1.80 mBOED, up from prior guidance of 1.76 to 1.80 mBOED. The FactSet consensus is for full-year production of 1.78 mBOED. The stock was slightly lower premarket and is down 19% in the year to date, while the S&P 500 SPX has gained 6.5%.

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