Summary
ConocoPhillips reported a net loss of $1.040 billion ($0.84 per share) for the third quarter of 2016, a slight improvement from the $1.071 billion ($0.87 per share) net loss in the same period of the previous year. For the first nine months of 2016, the company incurred a net loss of $3.580 billion ($2.88 per share), a significant increase from the $978 million ($0.80 per share) loss in the first nine months of 2015, primarily due to lower commodity prices. The company's revenues and other income saw a decrease, reflecting the challenging energy market environment. Total costs and expenses also decreased, but the net result was a loss for both periods. ConocoPhillips maintained a focus on capital discipline, reducing capital expenditures guidance for the full year to $5.2 billion. Despite the ongoing challenges, the company generated positive cash flow from operations of $2.960 billion for the first nine months of 2016, though this was down from $5.976 billion in the prior year. The company also completed several asset dispositions and is actively managing its debt, with total debt increasing slightly due to new issuances to secure liquidity.
Financial Highlights
43 data points| Revenue | $6.42B |
| SG&A Expenses | $203.00M |
| Operating Expenses | $8.17B |
| Net Income | -$1.04B |
| EPS (Basic) | $-0.84 |
| EPS (Diluted) | $-0.84 |
| Shares Outstanding (Basic) | 1.25B |
| Shares Outstanding (Diluted) | 1.25B |
Key Highlights
- 1Reported a net loss of $1.040 billion for Q3 2016, a slight improvement from Q3 2015's net loss of $1.071 billion.
- 2Incurred a net loss of $3.580 billion for the first nine months of 2016, a substantial increase from $978 million in the same period of 2015, largely driven by lower commodity prices.
- 3Total revenues and other income decreased significantly to $6.516 billion in Q3 2016 and $17.106 billion for the nine months ended September 30, 2016, compared to the prior year periods.
- 4Reduced capital expenditures guidance for 2016 to $5.2 billion, demonstrating a commitment to capital discipline.
- 5Generated $2.960 billion in net cash provided by operating activities for the nine months ended September 30, 2016, down from $5.976 billion in the prior year.
- 6Total debt increased to $28.689 billion at September 30, 2016, from $24.880 billion at December 31, 2015, reflecting strategic debt issuance to manage liquidity.
- 7The company completed several asset dispositions and is continuing to optimize its portfolio by marketing non-core assets.