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ConocoPhillips (COP) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates
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ConocoPhillips (COP - Free Report) reported $14.87 billion in revenue for the quarter ended September 2023, representing a year-over-year decline of 31.2%. EPS of $2.16 for the same period compares to $3.60 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $15.32 billion, representing a surprise of -2.95%. The company delivered an EPS surprise of +5.88%, with the consensus EPS estimate being $2.04.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how ConocoPhillips performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Natural gas liquids produced per day - Total company: 291 millions of barrels of oil versus 289.8 millions of barrels of oil estimated by eight analysts on average.
Total Production per day: 1806 millions of barrels of oil equivalent versus the eight-analyst average estimate of 1799.62 millions of barrels of oil equivalent.
Natural gas produced per day - Total company: 3141 millions of cubic feet compared to the 3172.1 millions of cubic feet average estimate based on seven analysts.
Crude oil produced per day - Total company: 927 millions of barrels of oil versus 934.41 millions of barrels of oil estimated by six analysts on average.
Average Sale Price - Natural gas - Total company: $5.06 versus $4.52 estimated by five analysts on average.
Average Sale Price - Natural gas - Lower 48 per Mcf: $2.24 compared to the $1.98 average estimate based on four analysts.
Crude oil produced per day - Europe, Middle East and North Africa: 108 millions of barrels of oil versus 101.04 millions of barrels of oil estimated by four analysts on average.
Natural gas liquids produced per day - Europe, Middle East and North Africa: 3 millions of barrels of oil versus 3.78 millions of barrels of oil estimated by four analysts on average.
Natural gas produced per day - Europe, Middle East and North Africa: 264 millions of cubic feet compared to the 295.49 millions of cubic feet average estimate based on four analysts.
Average Sales Price - Crude oil - Canada: $70.83 versus the four-analyst average estimate of $66.93.
Revenues- Sales and other operating revenues: $14.25 billion compared to the $14.67 billion average estimate based on four analysts. The reported number represents a change of -32.2% year over year.
Revenues- Equity in earnings of affiliates: $388 million versus the three-analyst average estimate of $470.48 million. The reported number represents a year-over-year change of -30.8%.
Shares of ConocoPhillips have returned +3% over the past month versus the Zacks S&P 500 composite's -1.1% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
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ConocoPhillips (COP) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates
ConocoPhillips (COP - Free Report) reported $14.87 billion in revenue for the quarter ended September 2023, representing a year-over-year decline of 31.2%. EPS of $2.16 for the same period compares to $3.60 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $15.32 billion, representing a surprise of -2.95%. The company delivered an EPS surprise of +5.88%, with the consensus EPS estimate being $2.04.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how ConocoPhillips performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Natural gas liquids produced per day - Total company: 291 millions of barrels of oil versus 289.8 millions of barrels of oil estimated by eight analysts on average.
- Total Production per day: 1806 millions of barrels of oil equivalent versus the eight-analyst average estimate of 1799.62 millions of barrels of oil equivalent.
- Natural gas produced per day - Total company: 3141 millions of cubic feet compared to the 3172.1 millions of cubic feet average estimate based on seven analysts.
- Crude oil produced per day - Total company: 927 millions of barrels of oil versus 934.41 millions of barrels of oil estimated by six analysts on average.
- Average Sale Price - Natural gas - Total company: $5.06 versus $4.52 estimated by five analysts on average.
- Average Sale Price - Natural gas - Lower 48 per Mcf: $2.24 compared to the $1.98 average estimate based on four analysts.
- Crude oil produced per day - Europe, Middle East and North Africa: 108 millions of barrels of oil versus 101.04 millions of barrels of oil estimated by four analysts on average.
- Natural gas liquids produced per day - Europe, Middle East and North Africa: 3 millions of barrels of oil versus 3.78 millions of barrels of oil estimated by four analysts on average.
- Natural gas produced per day - Europe, Middle East and North Africa: 264 millions of cubic feet compared to the 295.49 millions of cubic feet average estimate based on four analysts.
- Average Sales Price - Crude oil - Canada: $70.83 versus the four-analyst average estimate of $66.93.
- Revenues- Sales and other operating revenues: $14.25 billion compared to the $14.67 billion average estimate based on four analysts. The reported number represents a change of -32.2% year over year.
- Revenues- Equity in earnings of affiliates: $388 million versus the three-analyst average estimate of $470.48 million. The reported number represents a year-over-year change of -30.8%.
View all Key Company Metrics for ConocoPhillips here>>>Shares of ConocoPhillips have returned +3% over the past month versus the Zacks S&P 500 composite's -1.1% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.