ConocoPhillips Sees Drop in Profit; Beats Estimates (COP)

ConocoPhillips Sees Drop in Profit; Beats Estimates (COP)

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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.

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