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eFinanceMarkets

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eFinanceMarkets

Re: eFinanceMarkets post# 564

Tuesday, 05/02/2017 2:46:26 PM

Tuesday, May 02, 2017 2:46:26 PM

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ConocoPhillips ticks lower after surprise adjusted Q1 loss

ConocoPhillips (NYSE:COP) swings between large losses and small gains in premarket trading after reporting a surprise Q1 loss; shares now -0.3% premarket.

COP's Q2 net profit was $800M, or $0.62/share, compared with a net loss of $1.5B, or $1.18/share, in the year-ago quarter, but the adjusted loss was $0.02/share when excluding the gain on the sale of assets in Canada.

COP says Q1 production rose 2% Y/Y to 1.584B boe/day, and it expects Q2 production of 1.495B-1.535B boe/day, which excludes Libya and does not reflect impacts from the recently announced Canada and San Juan Basin dispositions.
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