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Tuesday, April 30, 2019

COP Beats By Ten Cents; Doubles Earnings; BHGE Adjusted Income Doubles -- April 30, 2019

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Others reporting today:
  • PSX (Phillips 66): forecast, 39 cents; Market Street forecasts 34 cents;
  • AAPL, after market close, forecast, $2.36
  • BHGE: forecast, 13 cents; actual -- adjusted income doubles; 15 cents/share;
  • COP: forecast, 90 cents; business wire here;
  • GM: forecast, $1.11; actual -- a beat; beat driven by lucrative pickup truck sales; lifted in part by revaluations of shares it holds in ride-hailing company Lyft and Peugeot; 7% decline in US new-vehicle sales in 1Q19; GM pickups outsold by smaller rival Fiat Chrysler; net profit, $1.48; adjusted, $1.41; pre-tax earnings fell more than 11% [Comment: seems like a very, very mixed report; nice beat on earnings but everything else "shaky." Investors seems to agree: GM shares down almost 2% after earnings released. On a day that the market is up slightly, but broadly, GM continues to fall -- in early pre-market trading fell almost 3% before recovering a bit.]
COP: earnings presentation (slides) here. Earnings transcript here

COP: from link above --
  • earnings: $1.8 billion; $1.60/share -- vs $0.9 billion, 75 cents a year ago
  • adjusted, $1.1 billion, $1.00/share beating forecast of 90 cents/share
  • cash from operations: $2.9 billion
  • free cash flow: $1.3 billion
  • repurchased $0.8 billion of shares; paid $0.3 billion in dividends -- funded entirely from free cash flow
  • grew production from the Lower 48 Big 3 unconventionals by 30 percent y-o-y
  • cash on hand at end of year: $6.5 billion
  • reminder: court ordered Venezuela to pay COP $8.7 billion for unlawful expropriation
  • pays 1.83% 
  • 8-K here
COP at SeekingAlpha:
  • ConocoPhillips up 1.3% pre-market after reporting a solid Q1 earnings beat, helped by increased production from its U.S. assets.
  • COP did not provide revenue results in the release, but says Q1 production excluding Libya rose 7.5% to 1.32M boe/day, and expects Q2 output of 1.24M-1.28M boe/day, with seasonal turnarounds planned in Alaska, Canada and Europe.
  • COP's total realized price in the quarter was $50.59/bbl vs. $50.49/bbl a year ago, as higher LNG and bitumen prices were largely offset by lower crude, natural gas liquids and natural gas prices.
  • COP also reiterates its long-term cash flow outlook from the November analyst meeting, where it said it expects to generate absolute and per-share organic growth and return at least 30%/year of cash from operations to shareholders and deliver free cash flow at less than $40/bbl WTI across a range of prices.

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