ConocoPhillips profit flat

ConocoPhillips reported second-quarter 2014 earnings of $2.1 billion, compared with second-quarter 2013 earnings of $2.1 billion.

Excluding special items, second-quarter 2014 adjusted earnings were $2.0 billion, compared with second-quarter 2013 adjusted earnings of $1.8 billion.

Highlights

• Strong second-quarter production of 1,556 MBOED from continuing operations, excluding Libya; total production of 1,594 MBOED;
• 6.5 percent production growth year-over-year, adjusted for Libya;
• Eagle Ford and Bakken combined production increased by 38 percent compared with second-quarter 2013;
• Major projects in Canada, Malaysia and the United Kingdom are on track for startup in the second half of 2014;
• Continued progress toward 2015 major project startups, including Eldfisk II, Surmont 2 and APLNG;
• Exploration and appraisal activity ongoing; conventional drilling underway in Angola, Senegal, Australia and the Gulf of Mexico; unconventional activities continue in Canada, the Lower 48 and Poland;
• Completed sale of Nigerian upstream business in July for net proceeds of $1.4 billion, inclusive of deposits received;
• Increased quarterly dividend by 5.8 percent in July.

“This quarter is evidence of our commitment to deliver annual production and margin growth of 3 to 5 percent, while returning capital to shareholders through an attractive dividend,” said Ryan Lance, chairman and CEO. “We are delivering on these goals, including a recent dividend increase of 5.8 percent, and are positioned for continued growth in volumes, margins and cash flow.

“Operational and financial performance was very strong in the second quarter,” added Lance. “We continue to grow in our North American unconventional plays, while progressing our major projects. We expect to complete our major turnarounds in the third quarter and maintain a high level of both conventional and unconventional exploration activity. All of this positions us for strong momentum as we exit the year.”