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ConocoPhillips Q2 Adj. Profit Misses Estimates - Quick Facts

ConocoPhillips (COP) on Tuesday reported that its earnings for the second quarter were $1.6 billion or $1.40 per share, compared with $1.6 billion or $1.39 per share in the year-ago period.

Special items for the latest quarter were primarily driven by a financial tax benefit related to the previously announced U.K. disposition, settlement of certain tax disputes, and amounts recognized from the PDVSA International Chamber of Commerce or ICC settlement.

Excluding special items, adjusted earnings for the quarter were $1.1 billion or $1.01 per share, compared with adjusted earnings of $1.3 billion or $1.09 per share in the year-ago period.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.03 per share for the quarter. Analysts' estimates typically exclude special items.

Production excluding Libya for the second quarter of 2019 was 1,290 thousand barrels of oil equivalent per day or MBOED, an increase of 79 MBOED compared with the same period a year ago.

During the quarter, ConocoPhillips increased its 2019 planned share repurchases to $3.5 billion.

Looking ahead, ConocoPhillips forecast third-quarter 2019 production to be 1,290 to 1,330 MBOED, reflecting planned turnarounds in Alaska, Europe and Asia Pacific.

The company projects full-year production in a range of 1,310 to 1,340 MBOED. The guidance excludes Libya.

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