ConocoPhillips 1Q Earnings at USD 2.1 Bln

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

Excluding special items, first-quarter 2014 adjusted earnings were $2.3 billion, or $1.81 per share, compared with first-quarter 2013 adjusted earnings of $1.8 billion, or $1.42 per share. Special items for the current quarter primarily related to unfavorable impacts from transportation and storage capacity agreements, and pending claims in the Lower 48 and Latin America segment.

Highlights

• First-quarter production of 1,530 MBOED from continuing operations, excluding Libya; total production of 1,568 MBOED;
• Eagle Ford and Bakken combined production increased by 41 percent compared with first-quarter 2013;
• Christina Lake Phase E approached full production, contributing to ongoing growth from Canadian oil sands;
• Jasmine averaged 25 MBOED, with Ekofisk South and East Irish Sea continuing to ramp up;
• Major project startup at Siakap North-Petai in Malaysia, with preparations underway for four additional startups in Canada, Malaysia and the United Kingdom in 2014;
• Exploration and appraisal activity ongoing with drilling in the Gulf of Mexico, Alaska and Australia, as well as unconventional plays in Canada, the Lower 48 and Poland;
• Strong North American natural gas prices and income from marketing third-party natural gas;
• Cash flow from operations of $6.3 billion, including a $0.6 billion working capital benefit and a $1.3 billion FCCL distribution.

“We are off to a great start in 2014,” said Ryan Lance, chairman and chief executive officer. “Our operational performance was strong and our margins continued to grow. Production increased due to strong performance in our North American unconventional plays, ongoing growth in our Canadian liquids and major project ramp ups in the Europe segment. During the quarter, production started at SNP with four additional major projects progressing toward startup by year-end. In exploration, we are also testing multiple prospects across our diversified portfolio. This quarter’s performance gives us confidence that we are on track to achieve 3 to 5 percent growth in both volumes and margins, and to deliver double-digit returns to shareholders annually.”