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ConocoPhillips posts sharp decline in adjusted earnings, lower production in Q1 from SNL Daily Gas Report ConocoPhillips posts sharp decline in adjusted earnings, lower production in Q1Byline: Dyna Mariel Bade ConocoPhillips on April 30 reported adjusted earnings of $486 million, or 45 cents per share, for the first quarter, a sharp drop from $1.15 billion, or $1.00 per share, in the same period a year earlier. The S&P Global Market Intelligence consensus normalized EPS estimate for the first quarter was 17 cents. Net loss attributable to the company clocked in at $1.74 billion, or a loss of $1.60 per share, compared with a net income of $1.83 billion, or $1.60 per share, in the year-ago quarter. Total production excluding Libya came in at 1.28 million barrels of oil equivalent per day for the first quarter, down from 1.32 million boe/d a year earlier. ConocoPhillips said its 2020 guidance items should no longer be relied upon as market volatility persists. The company also temporarily suspended further guidance, saying that it will instead provide periodic updates as needed. For the quarter ended March 31, ConocoPhillips recorded total liquidity of $13.77 billion, which includes $3.91 billion of cash and cash equivalents, $3.87 billion of short-term investments and $6.00 billion of available revolving credit facility. |
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