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ConocoPhillips posts $1.6 billion profit

ConocoPhillips reported a $1.6 billion profit in the second quarte.

ConocoPhillips posts $1.6 billion profit ConocoPhillips posts $1.6 billion profit


Houston, July 27 - Neftegaz.RU. ConocoPhillips reported a $1.6 billion profit in the Q2 as the oil and gas producer returns to profitability this year following the recent oil bust.

 

ConocoPhillips oreported a Q2 2018 profit of $1.6 billion, compared with a Q2 2017 loss of $3.4 billion.

 

Excluding special items, Q2 2018 adjusted earnings were $1.3 billion, compared with 2Q 2017 adjusted earnings of $0.2 billion.

 

Ryan Lance, CEO of ConocoPhillips, said: «We’re benefitting from higher oil prices, but also driving underlying cash flow expansion. In accordance with our priorities, we’ve differentially allocated excess cash toward debt reduction and distributions, while continuing to grow our diversified, low cost of supply resource base.»

 

Q3 2018 production is expected to be 1,215 to 1,255 mboed, reflecting typical seasonal turnarounds and maintenance activity. Conoco said that all production guidance excluded Libya.

 

The company’s 2018 operated capital scope remains unchanged, excluding acquisition-related activity. However, the company adjusted its capital guidance to $6 billion from $5.5 billion, to reflect a higher $65 WTI per barrel price environment versus the $50 WTI per barrel initially expected.

 

Source : Neftegaz.RU