Oil giant ConocoPhillips COP, +4.98% said Thursday it had net income of $5.8 billion, or $4.39 a share, in the first quarter, up from $1.0 billion, or 75 cents a share, in the year-earlier period. Adjusted per-share earnings came to $3.27, ahead of the $3.17 FactSet consensus. The company did not offer a revenue number, but said production in the quarter came to 1,747 thousand barrels of oil equivalent per day, or MBOED, up 220 MBOED from the year-earlier period. The FactSet consensus was for 1,755 MBOED. The company said it expects second-quarter production of 1.67 million barrels of oil equivalent per day, or MMBOED, to 1.73 MMBOED, “reflecting the impacts of seasonal turnarounds planned in Europe and Canada as well as weather impacts experienced during April in the Bakken.” For the full year, it expects production of about 1.76 MMBOED, a net reduction of about 25 MBOED from acquisitions and dispositions closed as of May 5. The FactSet consensus is for 1.78 MBOED in the second quarter and full-year production of 1.78 MBOED. The company expects its 2022 operating capital to come to $7.8 billion, up from prior guidance of $78.2 billion. It announced an additional $2 billion to its capital returns to shareholders program, boosting it to $10 billion. Shares were up 0.6% premarket and have gained 46% in the year to date, while the S&P 500 SPX, +2.99% has fallen 9.8%.
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