USA: ConocoPhillips Posts Solid Q2 Results

ConocoPhillips reported second-quarter 2013 earnings of $2.1 billion, compared with second-quarter 2012 earnings of $2.3 billion.

Second-quarter 2012 reported earnings included $0.5 billion from downstream operations prior to the separation of Phillips 66 on April 30, 2012.

Excluding special items, second-quarter 2013 adjusted earnings were $1.8 billion, compared with second-quarter 2012 adjusted earnings of $1.5 billion.

“We are delivering on our 3 to 5 percent growth targets for both volumes and margins and have raised our full-year production guidance,” said Ryan Lance, chairman and CEO. “We also reaffirmed our commitment to shareholders, and confidence in our long-term plans, by increasing the dividend rate in July.

“We had a very strong quarter, with our base operations and turnaround activity performing as planned,” added Lance. “Production exceeded expectations as growth continued from our development programs, notably in the Eagle Ford where production nearly doubled compared with a year ago. Our major projects are progressing as planned, with Christina Lake Phase E first production in July and startups expected at Jasmine, Ekofisk South, SNP and the Gumusut FPS before year end. Our exploration momentum also continues, with drilling activity ongoing in deepwater, conventional and unconventional plays around the world.”

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LNG World News Staff, August 1, 2013