Summary
ConocoPhillips' Q3 2011 filing shows a decrease in net income attributable to the company, falling to $2.616 billion from $3.055 billion in the same period of the prior year. This was primarily driven by lower gains from asset dispositions and the absence of earnings from the LUKOIL investment. Despite these headwinds, the company demonstrated resilience with improved operational performance in key segments. The Exploration and Production (E&P) segment saw a 13% increase in earnings year-over-year, benefiting from higher commodity prices, while the Refining and Marketing (R&M) segment reported a significant turnaround, with earnings rising to $789 million due to improved refining margins, though impacted by impairments at the Trainer Refinery. The company also advanced its strategic plan, announcing the proposed separation of its downstream businesses into a new, publicly traded entity, expected in the second quarter of 2012. Liquidity remains strong, supported by operating cash flows and credit facilities, enabling continued capital investments and shareholder returns.
Financial Highlights
45 data points| Revenue | $16.51B |
| SG&A Expenses | $145.00M |
| Operating Expenses | $13.09B |
| Operating Income | $6.07B |
| Net Income | $2.62B |
| EPS (Basic) | $1.93 |
| EPS (Diluted) | $1.91 |
| Shares Outstanding (Basic) | 1.36M |
| Shares Outstanding (Diluted) | 1.37M |
Key Highlights
- 1Net income attributable to ConocoPhillips decreased by 14% to $2.616 billion in Q3 2011 compared to Q3 2010, impacted by lower gains on asset dispositions and the absence of LUKOIL earnings.
- 2Exploration and Production (E&P) segment earnings increased 13% to $1.762 billion, driven by higher commodity prices.
- 3Refining and Marketing (R&M) segment earnings surged to $789 million, up from $268 million in the prior year, primarily due to improved refining margins, partially offset by a $314 million after-tax impairment of the Trainer Refinery.
- 4ConocoPhillips announced plans to separate its downstream businesses into a new, independent publicly traded company, expected in Q2 2012.
- 5Capital expenditures for the nine months ended September 30, 2011, increased significantly to $9.394 billion from $6.371 billion in the prior year, with a substantial portion allocated to E&P projects.
- 6The company repurchased approximately 46.4 million shares of its common stock during the third quarter of 2011 for approximately $3.2 billion.
- 7Cash provided by operating activities increased by 27% to $13.834 billion for the nine months ended September 30, 2011, indicating strong operational cash generation.