ConocoPhillips (COP) reported Q3 EPS of $3.60, $0.12 worse than the analyst estimate of $3.72.
Outlook:
Fourth-quarter 2022 production is expected to be 1.74 to 1.80 million barrels of oil equivalent per day (MMBOED). The company’s full-year expected production remains unchanged at 1.74 MMBOED.
The company updated its 2022 operating capital guidance to $8.1 billion versus the prior guidance of $7.8 billion, reflecting inflationary impacts and partner-operated well mix in the Lower 48. This guidance excludes $1.7 billion of capital associated with the closed acquisitions of an additional 10% interest in APLNG and bolt-on acquisitions in the Lower 48.
Full-year guidance for adjusted operating cost is $7.7 billion versus the prior guidance of $7.5 billion, reflecting inflationary impacts in the Lower 48. Full-year guidance for depreciation, depletion and amortization has decreased from $7.6 billion to $7.5 billion. Full-year guidance for adjusted corporate segment net loss remains at $0.9 billion.