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Free Post Earnings Research Report: ConocoPhillips’ Quarterly Revenue Jumped 20.5%; Turned Profitable Y-O-Y

Stock Monitor: Laredo Petroleum Post Earnings Reporting

LONDON, UK / ACCESSWIRE / February 22, 2018 / Active-Investors.com has just released a free earnings report on ConocoPhillips (NYSE: COP). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=COP. ConocoPhillips reported its fourth quarter and fiscal 2017 operating and financial results on February 01, 2018. The energy Company outperformed top- and bottom-line expectations and provided guidance for the upcoming quarter and full year 2018. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is currently working on the research report for Laredo Petroleum, Inc. (NYSE: LPI), which also belongs to the Basic Materials sector as the Company ConocoPhillips. Do not miss out and become a member today for free to access this upcoming report at:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, ConocoPhillips most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=COP

Earnings Highlights and Summary

For the three months ended December 31, 2017, ConocoPhillips reported revenues of $8.74 billion, up 20.5% compared to revenue of $7.25 billion in Q4 2016. The Company's reported numbers exceeded analysts' estimates of $7.7 billion.

For full year (FY) 2017, ConocoPhillips recorded revenues of $32.58 billion versus revenue of $24.36 billion in FY16, reflecting the growth of 33.7%.

ConocoPhillips reported earnings of $1.6 billion, or $1.32 per share, in Q4 2017 compared to net loss of $35 million, or $0.03 per share, in Q4 2016. The Company's earnings were higher on a y-o-y basis due to benefits from US tax reform, higher realized prices, and the settlement of the Ecuador arbitration. The US tax reform non-cash benefit was approximately $0.9 billion, primarily resulting from the revaluation of deferred taxes at the lower 21% federal statutory rate.

Excluding special items, ConocoPhillips' adjusted earnings were $0.5 billion, or $0.45 per share, in Q4 2017 compared to an adjusted net loss of $0.3 billion, or $0.26 per share, in Q4 2016. The improvement in the Company's adjusted earnings was attributed to higher realized prices, higher underlying production, and lower depreciation expense.

ConocoPhillips' earnings were a net loss of $0.9 billion, or $0.70 per share, in FY17 compared to net loss of $3.6 billion, or $2.91 per share, in FY16. Excluding special items, the Company's adjusted earnings were $0.7 billion, or $0.60 per share, in FY17 compared to an adjusted net loss of $3.3 billion, or $2.66 per share, in FY16.

Operation Details

During Q4 2017, ConocoPhillips' production, excluding Libya, was 1,219 thousand barrels of oil equivalent per day (MBOED), reflecting a decrease of 368 MBOED on a y-o-y basis. Excluding the impact of dispositions, ConocoPhillips' underlying production increased 45 MBOED, or 4% on a y-o-y basis, attributed to the ramp-up of major projects and development programs, which more than offset normal field decline and downtime. Production from Libya was 37 MBOED in Q4 2017.

During Q4 2017, ConocoPhillips' total realized price was $46.10 per barrels of oil equivalent (BOE) compared to $32.93 per BOE in Q4 2016, reflecting higher average realized prices across all commodities.

Reserves Update

ConocoPhillips' preliminary 2017 year-end proved reserves were 5.0 billion BOE. The total reserve replacement ratio, including a reduction of 1.9 billion BOE from dispositions, is expected to be a negative 168%. Excluding disposition impacts, the organic reserve replacement ratio is expected to be a positive 200%.

Cash Matters

During Q4 2017, ConocoPhillips' cash provided by operating activities was $2.5 billion, exceeding $1.5 billion in capital expenditures and investments and $0.3 billion of dividends. In addition, the Company repaid the debt of $1.3 billion, repurchased its common stock for $1.0 billion, sold $0.8 billion of short-term investments, and received proceeds from asset dispositions of $0.1 billion in the reported quarter.

For FY17, ConocoPhillips' cash provided by operating activities was $7.1 billion, exceeding $4.6 billion in capital expenditures and investments and dividends of $1.3 billion. Additionally, the Company received cash proceeds from asset dispositions of $13.9 billion, paid $7.9 billion to reduce debt, repurchased its common stock for $3.0 billion, purchased a net $1.8 billion in short-term investments, and contributed $0.6 billion to the US pension fund.

At year-end 2017, ConocoPhillips had $6.3 billion of cash and cash equivalents and $1.9 billion of short-term investments. In addition, the Company held 208 million common shares of Cenovus Energy.

Outlook

For full-year 2018, ConocoPhillips is forecasting production to be in the range of 1,195 to 1,235 MBOED. The Company's Q1 2018 production is expected to be in the band of 1,180 to 1,220 MBOED.

For FY18, ConocoPhillips is projecting capital expenditures to be $5.5 billion, corporate segment net expense to be approximately $1.2 billion, while depreciation, depletion, and amortization are expected to be around $5.8 billion and exploration dry hole and leasehold impairment expense is estimated to be approximately $0.2 billion.

Stock Performance Snapshot

February 21, 2018 - At Wednesday's closing bell, ConocoPhillips' stock fell 1.99%, ending the trading session at $53.75.

Volume traded for the day: 5.15 million shares.

Stock performance in the last three-month – up 7.22%; previous six-month period – up 26.47%; and past twelve-month period – up 11.68%

After yesterday's close, ConocoPhillips' market cap was at $65.17 billion.

The stock has a dividend yield of 2.12%.

The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry.

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