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Oil Prices Help ConocoPhillips Beat Profit Forecast
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U.S. oil companies ConocoPhillips and Occidental Petroleum
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], the third-largest U.S. oil company behind Exxon Mobil [XOM
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] and Chevron [CVX
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], said prices for its oil rose by about a third from a year ago, offsetting declines in its production. The company has been selling off assets to cut its debt and expects to spin off its refining arm in the second quarter.
Its fourth-quarter profit climbed 70 percent to $3.4 billion, or $2.56 per share, from a year ago. Excluding one-time items, earnings of $2.02 per share were higher than the $1.76 that analysts had expected, according to Thomson Reuters I/B/E/S.
Shares in Conoco rose nearly 2 percent in premarket trading, while Hess [HES
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] shares fell 3 percent. (Get real-time quotes for ConocoPhillips here.)
Occidental saw its profit climb by 33 percent to $1.6 billion as it increased its oil and gas production in the United States and benefited from the higher oil prices.
It produced 748,000 barrels of oil equivalent (BOE) per day in the quarter, with 449,000 (BOE) a day coming from the United States.
But Hess disappointed investors by posting quarterly results that missed forecasts.
The company posted a quarterly loss as its production shrank. Its operating costs were hurt by drilling failures in Indonesia and it took charges to shut down its Caribbean refinery.
Net loss for the fourth quarter was $131 million, or 39 cents per share. Excluding $525 million in charges related to the closure of the Hovensa refinery in St. Croix, Hess' earnings per share of $1.17 fell short of analysts' average forecast of $1.27.
Data is a real-time snapshot *Data is delayed at least 15 minutes
