ConocoPhillips Raises Profit and Production in 1Q
ConocoPhillips raked in $1.9 billion in earnings in the first quarter of 2019, doubling what it earned in first quarter of 2018, the company reported Tuesday.
The Houston-based independent E&P company saw quarterly production at 1,318 million barrels of oil equivalent per day (MMboepd), excluding Libya. This is 94 MMboepd higher than 1Q 2018 and was driven largely by growth from the Big 3 unconventionals (Eagle Ford, Bakken and Delaware basins) which produced 326 MMboepd this quarter.
The company has been selling non-core assets recently to focus on U.S. shale investments. The Big 3 is expected to ramp up production in the second half of 2019 for about 19 percent full-year growth.
ConocoPhillips also managed to generate $2.94 billion in cash from operations. The company incurred $1.6 billion in capital expenditures and investments, $800 million for share repurchases and $300 million for dividends, all funded by operations.
“ConocoPhillips’ value proposition, priorities and portfolio are designed for the volatile environment that we believe has become the norm,” CEO Ryan Lance said in a company statement. “We continue to execute and deliver on a plan that’s resilient to lower prices, while offering investors upside to higher prices.”
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Senior Editor | Rigzone