ConocoPhillips Sees Drop in Profit; Beats Estimates (COP)

Energy company, ConocoPhillips(COP) reported a drop in profits for Q4, beating analysts estimates on Thursday.

The Houston, TX based company reported fourth quarter earnings of $1.43 billion, or $1.16 per share, down -57% from $3.39 billion, or $2.56 per share last year. Excluding special items, earnings were $1.76 billion, or $1.43 per share, down from $2.05 billion, or $1.55 per share last year. Analysts expected to see adjusted earnings of $1.42.

Lower commodity prices was the largest impact to the company’s drop in adjusted earnings.

Revenue for the quarter was $16.37 billion, a 2% increase from last years Q4 revenue of $16.13 billion. Analysts expected to see revenue of $13.31 billion.

For 2012, COP reported earnings of $8.43 billion, or $6.72 per share, down from $12.44 billion, or $8.97 per share in 2011. Adjusted earnings for the year came in at $6.73 billion, or $5.37 per share, down from $8.97 billion, or $5.75 per share in 2011. Revenue declined by -6% to $62 billion. Analysts estimated FY2012 earnings to be $5.85 per share, and revenue of $92.83 billion.

For the first quarter COP is expecting to see EPS in the range of $1.58 to $1.60. The company expects to see a 3% increase in production for 2013.

ConocoPhillips shares were down -$2.34, or -3.83% during premarket trading Thursday. The stock has droped -13% in the past year.

The Bottom Line
Shares of ConocoPhillips(COP) have a 4.49% yield, based on the latest intraday price of $58.79.

ConocoPhillips(COP)is a “Recommended” at this time, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here