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Dec 31, 2019
ConocoPhillips Q4 2019 Earnings Report
ConocoPhillips reported a decrease in earnings and adjusted earnings compared to Q4 2018, impacted by special items and lower realized prices and volumes.
Key Takeaways
ConocoPhillips reported Q4 2019 earnings of $0.7 billion, or $0.65 per share, compared to $1.9 billion, or $1.61 per share in Q4 2018. Adjusted earnings were $0.8 billion, or $0.76 per share, compared to $1.3 billion, or $1.13 per share in the prior year. The decrease was attributed to the absence of a gain on sale, a non-cash impairment, lower realized prices, and reduced volumes from dispositions.
Q4 2019 earnings were $0.7 billion, or $0.65 per share.
Adjusted earnings for Q4 2019 were $0.8 billion, or $0.76 per share.
Production excluding Libya was 1,289 MBOED.
Total realized price was $47.01 per BOE, 11% lower than Q4 2018.
Forward Guidance
ConocoPhillips provided its 2020 operating plan with capital guidance between $6.5 billion and $6.7 billion and production guidance between 1,230 MBOED and 1,270 MBOED.
Positive Outlook
- Capital plan includes funding for ongoing development drilling programs.
- Capital plan includes funding for major projects.
- Capital plan includes funding for exploration and appraisal activities.
- Capital plan includes funding for base maintenance.
- First-quarter 2020 production is expected to be 1,240 MBOED to 1,280 MBOED.
Challenges Ahead
- Guidance does not include capital for acquisitions.
- 2020 production guidance includes the impact of a recent third-party pipeline outage on the Kebabangan Field in Malaysia.
- Production guidance excludes Libya.
- Guidance for 2020 operating cost is $5.9 billion.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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