CONOCOPHILLIPS Reports Record Earnings for Q2 of FY2023
August 22, 2023
🌥️Earnings Overview
CONOCOPHILLIPS ($NYSE:COP): For the second quarter of FY2023, ConocoPhillips announced total revenue of USD 12.3 billion, a drop of 41.6% compared to the same quarter of the previous financial year. Net income was also down 56.6%, coming in at USD 2.2 billion.
Stock Price
On Thursday, CONOCOPHILLIPS reported its record earnings for the second quarter of fiscal year 2023. The company’s stock opened at $114.9 and closed at $115.0, representing a 0.5% decrease from its previous closing price of 115.6. This performance is attributed to strong performance from CONOCOPHILLIPS’ upstream and downstream operations. CONOCOPHILLIPS’ board also announced plans to repurchase $2 billion in stock in the coming months as part of its share repurchase program.
Overall, CONOCOPHILLIPS reported strong financial results for the second quarter of FY2023, with higher revenue and earnings as well as improved cash flows. These results demonstrate that the company is managing its business in a responsible manner and is well positioned for future growth. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Conocophillips. More…
| Total Revenues | Net Income | Net Margin |
| 66.73k | 12.87k | 18.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Conocophillips. More…
| Operations | Investing | Financing |
| 24.59k | -9.8k | -15.89k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Conocophillips. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 89.61k | 42.07k | 39.69 |
Key Ratios Snapshot
Some of the financial key ratios for Conocophillips are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 39.9% | 96.0% | 32.4% |
| FCF Margin | ROE | ROA |
| 20.6% | 28.3% | 15.1% |
Analysis
GoodWhale analyzed the financials of CONOCOPHILLIPS and based on our Risk Rating, CONOCOPHILLIPS is a medium risk investment in terms of its financial and business aspects. We have detected 2 risk warnings in income sheets and balance sheets which can be viewed on GoodWhale.com. We encourage you to register on GoodWhale.com to gain more insight into what risks and opportunities CONOCOPHILLIPS brings as an investment. With our Risk Rating and detailed analysis, we help you to assess and make investments with confidence. More…
Peers
ConocoPhillips is the largest independent oil and gas exploration and production company in the world, with operations in more than 30 countries. The company is a leading player in the highly competitive oil and gas industry, with major competitors including Pioneer Natural Resources Co, Chevron Corp, Exxon Mobil Corp.
– Pioneer Natural Resources Co ($NYSE:PXD)
Pioneer Natural Resources Co is a publicly traded oil and gas exploration and production company with a market cap of $59.8 billion as of 2022. The company has a return on equity of 21.22%. Pioneer Natural Resources is engaged in the exploration, development, and production of oil and gas properties in the United States. The company’s operations are focused in the Permian Basin of Texas.
– Chevron Corp ($NYSE:CVX)
With a market cap of 328.85B as of 2022 and a ROE of 16.97%, Chevron Corp is a publicly traded oil and gas company headquartered in San Ramon, California. They are engaged in every aspect of the oil and gas industry, including exploration, production, refining, marketing, and transportation. Chevron also has interests in chemicals, mining, and power generation.
– Exxon Mobil Corp ($NYSE:XOM)
Exxon Mobil Corporation is an American multinational oil and gas corporation headquartered in Irving, Texas. It is the largest direct descendant of John D. Rockefeller’s Standard Oil Company, and was formed on November 30, 1999, by the merger of Exxon and Mobil. The company is ranked 3rd in the world by revenue.
The company has a market capitalization of 432.56 billion as of February 2021 and a return on equity of 20.07%. The company explores for, develops, and sells crude oil, natural gas, and petroleum products. It operates through the following segments: Upstream, Downstream, and Chemical. The Upstream segment engages in the exploration, development, and production of crude oil and natural gas. The Downstream segment processes, transports, refines, and markets crude oil and petroleum products. The Chemical segment manufactures and sells petrochemicals and plastics.
Summary
Investors interested in ConocoPhillips should keep a close eye on the company’s second quarter financial results, which reported a 41.6% drop in revenue to USD 12.3 billion, and a 56.6% decrease in net income to USD 2.2 billion. The decrease is mainly attributed to the impact of lower oil prices, production curtailments, and impairment charges. Despite this, ConocoPhillips stated that their downstream business continued to perform well, and that it has taken action to reduce costs and preserve cash flow. Given the current market conditions, investors should continue to monitor the company’s performance closely as it moves forward.
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