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2020-10-30 13:25:00

CONOCOPHILLIPS LOSS $0.5 BLN

CONOCOPHILLIPS LOSS $0.5 BLN

CONOCOPHILLIPS - Oct. 29, 2020 - ConocoPhillips (NYSE: COP) today reported a third-quarter 2020 loss of $0.5 billion, or ($0.42) per share, compared with third-quarter 2019 earnings of $3.1 billion, or $2.74 per share. Excluding special items, third-quarter 2020 adjusted earnings were a loss of $0.3 billion, or ($0.31) per share, compared with third-quarter 2019 adjusted earnings of $0.9 billion, or $0.82 per share. Special items for the current quarter were primarily due to an unrealized loss on Cenovus Energy equity, partially offset by a favorable outcome from pending claims and settlements.

Third-Quarter Highlights and Recent Announcements

• Produced 1,066 MBOED excluding Libya during the third quarter; curtailed approximately 90 MBOED.

• Distributed $0.5 billion in dividends and announced an increase to the quarterly dividend.

• Ended the quarter with cash, cash equivalents and restricted cash totaling $2.8 billion and short-term investments of $4.0 billion, equaling $6.8 billion in ending cash and short-term investments.

• As part of a commitment to ESG excellence, announced adoption of a Paris-aligned climate risk framework to achieve net-zero operated emissions by 2050.

• Completed bolt-on acquisition of adjacent acreage in the liquids-rich Montney in Canada for $0.4 billion adding over 1 BBOE of high-value resource.

• Announced agreement to acquire Concho Resources in an all-stock transaction for 1.46 shares of ConocoPhillips common stock per share of Concho Resources.

“As we all know, the year has been historically volatile for our industry,” said Ryan Lance, chairman and chief executive officer. “ConocoPhillips responded with several prudent actions, including economically-driven curtailments, while continuing to run the base business extremely well. In the third quarter we ended our curtailment program and successfully completed our seasonal turnarounds. We remain very well-positioned financially and operationally thanks to our strong balance sheet and exceptional workforce. Now that we’re back to more normal business, we’re focused on continued strong execution of our programs and progressing our announced transaction with Concho Resources.”

Lance continued, “The combination with Concho will make us a stronger company by enhancing the quality, scale and stakeholder appeal of ConocoPhillips’ successful value proposition, which is based on balance sheet strength, disciplined low cost of supply investments, free cash flow generation, and superior returns of and on capital – all with a visible commitment to ESG excellence. This is the winning formula for our sector and we’ll be uniquely positioned to deliver on it through the cycles of our business.”

ConocoPhillips Reports Third-Quarter 2020 Results and Operational Results

 

Full PDF version

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Earlier:

CONOCOPHILLIPS LOSS $0.5 BLN
2020, October, 20, 15:15:00
CONOCOPHILLIPS, CONCHO RESOURCES ACQUISITION $9.7 BLN
ConocoPhillips (NYSE: COP) and Concho Resources (NYSE: CXO) announced that they have entered into a definitive agreement to combine companies in an all-stock transaction.
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Tags: CONOCOPHILLIPS, CONOCO