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ConocoPhillips COP

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ConocoPhillips Announces Additional Curtailments; Remains Better Positioned in E&P

Allen Good, CFA Sector Strategist

Analyst Note

| Allen Good, CFA |

ConocoPhillips reported relatively strong first-quarter results with adjusted earnings of $0.5 billion, falling from $1.1 billion the year before, as price realizations fell to $39 per barrel from $51/bbl a year ago. Production volumes of 1,278 thousand barrels of oil equivalent per day fell 40 mboe/d from the year before, but excluding dispositions, increased by 52 mboe/d thanks to growth in its three unconventional basins as well international development programs. Production from its three unconventional basins averaged 399 mboe/d during the quarter.

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Company Profile

Business Description

ConocoPhillips is a U.S.-based independent exploration and production firm. At the end of the first quarter of 2020, it produced 843,000 barrels per day of oil and natural gas liquids and 2.7 billion cubic feet per day of natural gas, primarily from Alaska and the Lower 48 in the United States and Norway in Europe and several countries in Asia-Pacific and the Middle East. Proven reserves at year-end 2019 were 5.3 billion barrels of oil equivalent.

925 North Eldridge Parkway
Houston, TX, 77079
T +1 281 293-1000
Sector Energy
Industry Oil & Gas E&P
Most Recent Earnings Mar 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees 10,400