“We had a strong operational quarter and again exceeded the high end of our production guidance range, delivering 4% underlying production growth year-over-year. We safely completed an active turnaround season and achieved a major milestone with the startup of Train 2 at APLNG,” said Don Wallette, EVP & CFO.
“So financially, we are very well positioned. We've made good progress on driving the business to cash flow neutrality and on improving our balance sheet since the first quarter.”
Conoco Phillips produced total third quarter revenue of $6.5 billion, down from $7.5 billion in the third quarter of 2015.
Net loss remained flat year-over-year at exactly $1 billion during the third quarter.
Net earnings (loss) per share (EPS) for the third quarter was $0.84 compared with $0.87 in the same period of last year, showing a small decrease.
Europe and North Africa produced the most earnings of the quarter at $163 million compared with a loss of $5 million in the third quarter of 2015. The Lower produced significant losses for Conoco Phillips, although declining from a $852 million loss in the third quarter of 2015 to a $491 million loss in third quarter 2016.
Cash flow from operating activities totalled $1.3 billion during the quarter, versus $1.9 billion in the same period of 2015.
Total production of crude oil was 586 MBD compared with 577 MBD in the third quarter of 2015.
Total loss for the third quarter was $323 million, down from the $338 million in the same period last year.
The Stock Market
As of 08:00 GMT on January 11th 2017, ConocoPhillips stock (NYSE: COP) is trading at a value of 49.66USD per share. The highest weekly close was 50.04 USD.
Analysts at GSI Markets are concerned about ConocoPhillips during 2017. Loss of earnings and stock value could continue during 2017 depending on oil prices. It is recommended to speak to an expert at GSI Markets before trading ConocoPhillips stock.
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