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ConocoPhillips (COP) Q1 Earnings: How Key Metrics Compare to Wall Street Estimates

Zacks Equity Research
·2-min read

For the quarter ended March 2023, ConocoPhillips (COP) reported revenue of $15.52 billion, down 19.6% over the same period last year. EPS came in at $2.38, compared to $3.27 in the year-ago quarter.

The reported revenue represents a surprise of +1.34% over the Zacks Consensus Estimate of $15.31 billion. With the consensus EPS estimate being $2.02, the EPS surprise was +17.82%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

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.

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Here is how ConocoPhillips performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

  • Total Production Continuing operations per day: 1792 MBOE/D versus the six-analyst average estimate of 1755.24 MBOE/D.

  • Natural gas produced per day-Total company: 3088 MMcf/D versus 3093.15 MMcf/D estimated by five analysts on average.

  • Natural gas liquids produced per day-Total company: 271 MBBL/D compared to the 276.35 MBBL/D average estimate based on five analysts.

  • Crude oil produced per day-Total company: 937 MBBL/D versus the four-analyst average estimate of 923.4 MBBL/D.

  • Average Sale Price-Natural gas-Total company per Mcf: $7.30 versus the four-analyst average estimate of $6.50.

  • Sales and other operating revenues: $14.81 billion versus $15.28 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -16.6% change.

  • Adjusted Net income (loss)-Corporate and Other: -$242 million versus -$225.73 million estimated by three analysts on average.

View all Key Company Metrics for ConocoPhillips here>>>

Shares of ConocoPhillips have returned -8.4% over the past month versus the Zacks S&P 500 composite's -0.9% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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Zacks Investment Research