57.25 0.00 (0.00%)
After hours: 5:23PM EST
|Bid||57.01 x 1200|
|Ask||57.49 x 800|
|Day's range||56.96 - 58.05|
|52-week range||50.13 - 71.01|
|Beta (3Y monthly)||1.04|
|PE ratio (TTM)||7.82|
|Earnings date||29 Jan 2020 - 3 Feb 2020|
|Forward dividend & yield||1.68 (2.92%)|
|1y target est||72.68|
According to Carbon Tracker, no major oil company has aligned its operations with the goals set out in the Paris Climate Agreement, and they will all soon have to reduce production significantly
Today, ConocoPhillips (COP) reported its Q3 2019 earnings results. Its adjusted earnings outperformed analysts' mean estimates by 12.3%, boosting the stock.
(Bloomberg) -- ConocoPhillips posted higher-than-expected third-quarter earnings as the world’s largest independent oil producer generated almost $1 billion of free cash flow despite lower crude prices.The Houston-based company followed BP Plc on Tuesday in surpassing analysts’ projections, partly due to its U.S. shale production, which rose 21% from a year earlier. The stock rose as much as 4.1% in New York with Brent crude up 0.4%.Chief Executive Officer Ryan Lance is preparing to unveil a 10-year strategic plan to investors next month. Conoco, which was forced into a painful dividend cut during the 2014-2016 oil price crash, is trying to position itself as a steady cash generator, the antithesis of the struggling U.S. shale industry, by focusing on returns to investors over production growth.“This quarter extends our successful track record of performance since we reset our value proposition in 2016,” Lance said in a statement.Profit excluding one-time items was 82 cents a share, higher than all of the analysts’ estimates compiled by Bloomberg, its eighth earnings beat in nine quarters. That shows the company can keep generating “robust” free cash flow, analysts at Tudor, Pickering, Holt & Co. said in a note.Conoco gets a high proportion of its oil from assets in Alaska, Asia and the Middle East that have production that’s declining relatively slowly. But it’s also focused on growing its shale output, especially in the Eagle Ford and Permian Basin, albeit at a slower pace than pure-play rivals. Unconventional production rose 21% to 379,000 barrels a day compared with a year earlier.Despite that, overall production missed estimates by a small margin. Output in the quarter was 1.32 million barrels per day of oil equivalent, less than the median estimate of 1.34 million. Production should decline in the current quarter due to the sale of U.K. assets and output limits in Qatar, Chief Operating Officer Matt Fox said on a call.The shares rose 3.6% to $57.69 at 2:09 p.m. in New York. The stock was the best performer in the S&P 500 Energy Index last year but has lagged behind the gauge so far this year.Conoco’s cash was boosted by about $100 million from Venezuela’s state-owned producer, part of a long-running legal settlement after the state nationalized its assets more than a decade ago.(Updates with share price in second, penultimate paragraphs)To contact the reporter on this story: Kevin Crowley in Houston at email@example.comTo contact the editors responsible for this story: Simon Casey at firstname.lastname@example.org, Joe Carroll, Carlos CaminadaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
ConocoPhillips (COP) delivered earnings and revenue surprises of 5.13% and 43.01%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?
(Bloomberg) -- Want to receive this post in your inbox every morning? Sign up hereTariff Man is having a bad week, Labour backs an election, and earnings are mixed. Here are some of the things people in markets are talking about today.Trump’s bad weekTariff Man has had a rough start to the week. First the World Series jeers, and then House Speaker Nancy Pelosi’s announcement that the full House will vote in the coming days on the next steps for the impeachment inquiry. Today the committees running the inquiry are set to get a key piece of evidence when a former army officer assigned to the White House National Security Council testifies that he listened to President Donald Trump’s July telephone call with Ukraine’s president -- and was so disturbed by the conversation that he reported it to the NSC’s legal counsel. Elsewhere, a former reality-TV star who claims Trump forcibly kissed and groped her before he was president reached an agreement with the Trump Organization to unseal nine more pages of documents that she says corroborate her story.If at third you don’t succeed...British Members of Parliament on Monday voted against an early election for the third time, but it looks like that’s about to change. The U.K.’s main opposition Labour Party said this morning it will back an early general election. Prime Minister Boris Johnson, who wants a Conservative majority so that he can push through the U.K.’s exit from the European Union, had planned to change tactics today by proposing a very basic piece of legislation that would move the date set in law for the next election to December. But now Labour Party leader Jeremy Corbyn says his conditions for a vote have been met. Of records and earningsThe S&P 500 Index just closed at the most-highest-est ever, so everything is just fine and dandy, right? Well honestly it depends if you’re a glass-half-full kind of daily email newsletter, or a glass half-empty-because-I-spilled-it-all-over-my-keyboard type newsletter. It's not clear how useful a glance at the big earnings really is, but here you are anyway: On Monday after the close, Alphabet Inc. disappointed after its quarterly earnings were dented by heavy investment in Google’s cloud-computing business. This morning BP Plc reported profit that beat analyst estimates as a strong refining performance offset the effect of lower oil and natural gas prices. And Nomura Holdings Inc. posted pretax profit in retail, wholesale and asset management segments, but vowed to continue cost cuts in the face of a shrinking domestic retail business that has increased reliance on volatile global operations.MarketsOvernight the MSCI Asia Pacific Index climbed 0.5% as Japan's Topix index rallied 0.9%. In Europe, the Stoxx 600 Index was down 0.5% at 5:45 a.m. Eastern Time as investors weighed earnings and took a breather after six days of gains. S&P 500 futures pointed to a directionless open, the 10-year Treasury yield was at 1.830% and gold was steady.Coming up…The earnings are rolling in, and today’s big names include Pfizer Inc., Merck & Co Inc., General Motors Co., ConocoPhillips, Mastercard Inc. and more. The data front is relatively quiet; pending home sales are at 10 a.m. alongside the Conference Board Consumer Confidence number. The Federal Reserve faces arguably its biggest decision of the week when they gather to agree where to order lunch from. It’s the first day of their two-day gathering that will likely conclude tomorrow with a rate cut. What we've been readingThis is what's caught our eye over the last 24 hours.Forget zero fees and robots. One broker doubles down on humans. Dubai faces a ‘disaster’ from overbuilding. The $38 million mansion that Reebok built. Why palladium is so hot right now. JPMorgan arms coders with trading licenses. PG&E’s next massive blackout could hit 1.8 million. Taytay can’t shake off copyright suit.To contact the author of this story: Samuel Potter in London at email@example.comTo contact the editor responsible for this story: Sid Verma at firstname.lastname@example.org, Cecile GutscherFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Boeing CEO Dennis Muilenburg will take the spotlight Tuesday when he faces Congress on the one-year anniversary of the Lion Air crash.
The Zacks Analyst Blog Highlights: salesforce.com, Lockheed Martin, Intuit, Disney and ConocoPhillips
(Bloomberg) -- The U.S. Supreme Court let government officials press ahead with three lawsuits that accuse more than a dozen oil and gas companies of contributing to climate change.Without comment or published dissent, the high court Tuesday refused to block a lawsuit by Baltimore while companies try to shift it from Maryland state court into federal court, where businesses tend to fare better. Individual justices then rejected similar requests in cases from Rhode Island and Colorado.The suits are among about a dozen similar cases filed by state and local governments around the country against the fossil-fuel industry.The companies defending against the two lawsuits include BP Plc, Chevron Corp., ConocoPhillips, ExxonMobil Corp., Phillips 66 and Royal Dutch Shell Plc. The companies told the Supreme Court in the Baltimore case they would be subject to “duplicative and unrecoverable” litigation costs if the cases went forward.Government officials say they are already suffering from storms, flooding, increasing heat and growing emergency response costs as a result of climate change.Justice Samuel Alito didn’t take part in the Baltimore case. Although he gave no reasons, Alito owns stock in ConocoPhillips and Phillips 66, according to his most recent financial disclosure report.The cases are BP Plc, v. Mayor and City Council of Baltimore, 19A368; BP v. Rhode Island, 19A391; and Suncor v. Board of County Commissioners of Boulder County, 19A428.(Updates to reflect orders in Rhode Island and Colorado cases starting in first paragraph)To contact the reporter on this story: Greg Stohr in Washington at email@example.comTo contact the editors responsible for this story: Joe Sobczyk at firstname.lastname@example.org, Laurie Asséo, Anna EdgertonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
While the North America business environment remains challenging, both Schlumberger (SLB) and Halliburton (HAL) expect international drilling activity to continue with the broad-based recovery.
The federal government's EIA report revealed that crude inventories rose by 9.3 million barrels, compared to the 4 million barrels increase that energy analysts had expected.
The Zacks Analyst Blog Highlights: Intel, Oracle, Novo Nordisk, ConocoPhillips and Advanced Micro Devices
(Bloomberg) -- At the Fish Place diner in Fort McMurray, booths are filled with oil workers in baseball caps and the parking lot is lined with pickup trucks sporting six-foot (1.8 meter) neon safety flags, a hallmark of the mining industry.Fort McMurray is the regional hub for the oil sands that produce two-thirds of Canada’s crude, a status that puts the city carved out of Alberta’s wilderness at the heart of the Oct. 21 federal election. Robbie Picard, who heads an oil-sands advocacy group, calls it “the most important election we’ve ever had.” Over a breakfast of eggs and cheese in the diner, Picard said that a second term for Prime Minister Justin Trudeau would cause “anxiety, depression and despair” in the city. “I’m terrified for our future,” he said. In a campaign that’s been uncharacteristically personal in tone for Canada, energy and the environment is arguably the key policy area that will decide the election—and most agree the outcome of the vote will in turn be crucial for Canada’s energy sector. Not only will it determine the future of carbon taxes, pipeline approvals and environmental regulations, it’s also a referendum on a dispute central to the country’s identity: Is Canada a global oil superpower or is it a leader in fighting climate change?Trudeau and his Liberal supporters argue that it can be both, using proceeds from its oil and gas to fund green-energy solutions. He says he has supported the industry more than his Conservative predecessor, spending C$4.5 billion ($3.5 billion) to save a key pipeline project from cancellation, taking flak from the environmental camp in the process. But critics including his main challenger, Conservative leader Andrew Scheer, hammer him for abandoning a pipeline through British Columbia, failing to push through another line to Canada’s east coast and passing a law that they say will make major energy projects impossible to approve. Trudeau’s comment at a town hall meeting in Ontario back in 2017 that the country needs to phase out the oil sands has added to the sense that it’s not just specific policies but the industry’s very existence that’s on the ballot.“Do we want our energy industry to be a global player, or do we want our industry to go into hibernation and we’ll just slowly shut it down?” Derek Evans, chief executive officer of oil-sands producer MEG Energy Corp., said in an interview. “That’s the point we’re at.”The source of the dilemma lies in the expanse of forests and marshes surrounding Fort McMurray. These lands contain the world’s third-largest crude reserves, but the sticky bitumen extracted needs to be transported to market, and that means building hugely contentious pipelines. At present, there just aren’t enough of them for an energy sector that accounts for a tenth of Canada’s economy and a fifth of its exports.In recent years, rising production from the oil sands has strained against limited pipeline capacity, exacerbated by delays to projects like TC Energy Corp.’s Keystone XL. That has weighed on regional oil prices and prompted companies including Royal Dutch Shell Plc and ConocoPhillips to sell off Canadian assets in a $30 billion-plus capital exodus.A year ago, the pipeline pinch reached crisis proportions, sending Canadian heavy crude prices crashing below $15 a barrel and prompting Alberta’s government to intervene with mandated production cuts to stave off a full collapse. While prices have rebounded, the situation remains tenuous, hitting Alberta’s economy hard and inflaming opposition to Trudeau’s federal government.The political predicament is encapsulated in the proposed expansion of the Trans Mountain pipeline, which carries the heavy crude extracted near Fort McMurray about 1,150 kilometers (715 miles) westward to a Pacific port near Vancouver.In 2013, then-owner Kinder Morgan Inc. of Houston won federal approval to triple the line’s capacity, promising to alleviate the bottlenecks and help Canadian crude reach new markets in Asia. But the proposal hit so much opposition—legal challenges, protests and a British Columbia government pledging to block it—that by last year Kinder was ready to abandon it.Then, in a move that stunned the nation, Trudeau’s government swept in to buy it, vowing it’d be built. Yet the purchase won Trudeau little support in deeply conservative Alberta, and it only hurt his standing with environmentalists, earning him the nickname “Justin Crudeau.” While opposition remains, construction on the project has begun. Naomi Klein, the prominent Canadian writer and activist, said the purchase highlights the “utterly hypocritical” position Trudeau has taken since coming to power, allowing the oil sands to expand while claiming to make Canada a climate leader.“What we need to be doing is investing the billions of dollars that the Trudeau government has been spending buying pipelines on rolling out renewable infrastructure,” she said in an interview. “We have not done that. We’ve wasted precious time.”Trudeau’s energy policy thus risks alienating voters on both sides of a debate that is increasingly becoming a key dividing line across Canada. It’s a political reality that Scheer is playing upon, portraying his Conservative Party as a champion of the oil sector and pledging to remove the stricter environmental regulation brought in by Trudeau. With her party polling at a record, Green leader Elizabeth May also sees an opening.Current polls suggest a close race, with Trudeau’s Liberals set to lose their majority. That raises the prospect of a minority Liberal government with the even more environmentally minded Green Party and New Democratic Party—“a nightmare” outcome for oil sands advocates like Picard, but arguably one in tune with voters in large parts of Canada. May characterizes the election as a referendum on climate, representing Canada’s last chance to help fight global warming. “We can’t negotiate with the global atmosphere to say, ‘We need a bit more time,’” said May, whose campaign platform displays a photo of her being arrested protesting against the Trans Mountain pipeline. That sentiment has traction across the country in Quebec, where about 500,000 people filled Montreal’s streets for a climate march led by Greta Thunberg last month. Environmentalist opposition from Quebec played a key role in TC Energy abandoning its Energy East pipeline, which would have crossed the province en route to Canada’s Atlantic Coast, displacing oil imports from the U.S. and allowing Canadian oil to be shipped to new markets like India.British Columbia, Ontario and Quebec—which produces so much hydropower that it has to export some to the U.S.—have all invested heavily to reduce their greenhouse gas emissions, and Alberta shouldn’t get a “free pass” in cutting its own, said Karel Mayrand, director of the David Suzuki Foundation for Quebec and Atlantic Canada, a non-profit environmentalist organization.“You could say ‘Alberta can export its oil, and Quebec can export its electricity and everyone shakes hands,’” Mayrand said. “But the problem is that for a growing share of the population, in Canada as well as in Quebec, accepting this means throwing all of Canada’s climate goals out of the window.”Albertans meanwhile feel “extreme disappointment” that other provinces have blocked the pipelines that could help its industry, viewing it as an attack on their entire identity, said Rafi Tahmazian, a senior portfolio manager and energy expert for Canoe Financial in Calgary, Alberta’s largest city. A minority Trudeau government with the Greens’ May and New Democratic Party leader Jagmeet Singh, both strident pipeline opponents, would create further pain for the industry and lead to turmoil in Alberta, including even increased talk about seceding from Canada, he said.At the Trans Mountain terminus near Vancouver, the oil paradoxically arrives in a region banking on a post-carbon, tech-dominated economy. Businesses here pay North America’s highest emissions tax, electricity is generated almost entirely from hydropower, and all new vehicles will be zero-emission by 2040.Legend has it that the sediments from the deep blue inlet at the Westridge Marine Terminal, the pipeline’s end, were molded to create the Ur-mother of the Tsleil-Waututh, an indigenous group that’s at the forefront of a legal battle against the expansion.Expanding the pipeline as planned would mean a seven-fold increase in oil tankers navigating a narrow route through Vancouver’s increasingly congested harbour, and activists say it’s only a matter of time until a spill would occur. Local municipalities and the provincial government have joined First Nation groups in the legal challenge. Vancouver’s mayor was arrested protesting it last year alongside Green Party leader May. It’s the sharp end of a dilemma over climate and energy that will confront whichever government emerges from the election. “This battle will continue,” said Grand Chief Stewart Phillip, the president of the Union of B.C. Indian Chiefs. “It’ll continue until we finally declare victory.” \--With assistance from Dave Merrill and Sandrine Rastello.To contact the authors of this story: Kevin Orland in Calgary at email@example.comNatalie Obiko Pearson in Vancouver at firstname.lastname@example.orgTo contact the editor responsible for this story: Alan Crawford at email@example.comFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
ConocoPhillips (COP) entered into an agreement to sell some of its portfolio in Australia for $1.39 billion. Meanwhile, downstream major Phillips 66 (PSX) launched a $3 billion new buyback program.
Oil markets have fallen at the start of this week as bearish fundamentals alongside economic fears force geopolitical risk to take a back seat