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ConocoPhillips Q1 Profit Beats View

ConocoPhillips (COP) reported that its earnings for the first-quarter 2019 rose to $1.8 billion or $1.60 per share, from $0.9 billion or $0.75 per share last year.

Excluding special items, first-quarter 2019 adjusted earnings were $1.1 billion, or $1.00 per share, compared to $1.1 billion, or $0.96 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.90 per share for the quarter. Analysts' estimates typically exclude special items.

Special items for the current quarter included an unrealized gain on Cenovus Energy equity, recognition of deferred revenue, and amounts recognized from the PDVSA International Chamber of Commerce (ICC) settlement.

The company expects Second-quarter production to be 1,240 to 1,280 MBOED, reflecting the impact from seasonal turnarounds planned in Alaska, Canada and Europe. The guidance excludes Libya and does not include impacts from the recently announced U.K. divestiture agreement.

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