ConocoPhillips misses on quarterly profit, hikes full year production forecast marginally

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(Reuters) -ConocoPhillips slightly raised its full-year output expectations on Thursday, even as it posted a lower-than-expected quarterly profit.

Quarterly reports from U.S. oil producers have been dented by weak oil and gas prices in recent months, though higher production has helped offset some of the pain.

ConocoPhillips (NYSE:COP) said production rose 6% to 1.81 million barrels of oil equivalent per day (boepd) in the second quarter, at the higher end of the company’s prior guidance, with record output in the U.S. lower 48 states.

That helped the company raise its full-year production outlook for a second time this year and now expects it to range between 1.80 million boepd and 1.81 million boepd. The company in May said it expected production between 1.78 million boepd and 1.80 million boepd.

ConocoPhillips also narrowed its capital spending guidance range to between $10.8 billion and $11.2 billion, from previous guidance of $10.7 billion to $11.3 billion.

Earnings in the second quarter more than halved to $1.84 per share as the average price for its oil and gas fell 39% to $54.50 per barrel of oil equivalent in the quarter.

Analysts had on average expected earnings of $1.95 per share, according to Refinitiv data.

Shares of the company were down 2.2% at $113.01 in pre market trading.

Rival Occidental Petroleum (NYSE:OXY) on Wednesday had also raised its full-year production forecast, but missed second-quarter profit expectations due to the slide in prices.