ConocoPhilips's (COP) first-quarter earnings more than doubled as the oil company benefited from higher crude prices, while refining operations saw improved utilization rates and more favorable heavy crude differentials.
ConocoPhilips's (COP) first-quarter earnings more than doubled as the
oil company benefited from higher crude prices, while refining operations saw
improved utilization rates and more favorable heavy crude differentials.
The results, which also benefited from cost cutting, beat analysts'
expectations. Shares rose 1.6% premarket to $59.50.
Conoco, the third-largest
U.S.
oil
company by market value after Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX),
in January predicted that its 2010 output would retreat to 2008 levels owing to
its reduced capital investment plans as it strives to steady its finances. The
company has been shedding assets in a bid to restructure itself--a major shift
from its debt-fueled series of acquisitions when commodities prices were
soaring.
Conoco reported a profit of $2.1 billion, or $1.40 a share, up from $840
million, or 54 cents, a year earlier. The latest quarter included 7 cents in
charges. Analysts polled by Thomson Reuters most recently forecast $1.38. Conoco
didn't provide revenue figures.
Production fell 5.2%, which the company attributed to normal field decline,
production sharing agreements and unplanned downtime.
At its exploration and production unit, earnings more than doubled, while the
refining segment posted a loss on the write-downs, but would have returned to
the black absent them. The company's worldwide refining crude oil capacity
utilization rate was compared with 76% in the fourth quarter and 90% in the
third quarter, hurt by reduced run rates due to low margins.
Διαβάστε ακόμα
Παρ, 11 Οκτωβρίου 2024 - 20:08
Παρ, 11 Οκτωβρίου 2024 - 20:03
Πεμ, 10 Οκτωβρίου 2024 - 19:39
Πεμ, 10 Οκτωβρίου 2024 - 19:36
Τρι, 24 Σεπτεμβρίου 2024 - 19:58