ConocoPhillips Profits up by 50%

US major ConocoPhillips reported April 26 first-quarter 2018 earnings of $0.9bn, compared with $0.6bn in the same period last year. Excluding special items, the profit was $1.1bn, compared with a loss of $0.2bn last year. The special items this year were primarily driven by premiums on early debt retirement and unrealised losses on Cenovus Energy equity. The company used some of the cashflow to pay down $2.7bn of debt and buy back a third more shares than planned.

Excluding Libya, production was 1,224mn barrels of oil equivalent/d, up 4% excluding the impact of closed and planned disposals, with the big three plays, Eagle Ford, Bakken and Delaware, up 20%.

Cash provided by operating activities exceeded capital expenditures, dividends and share repurchases, allowing it to buy more liquids-rich Montney acreage in Canada, expanding its acreage by a third; and to enter the central Louisiana Austin Chalk. Successfully completed six-well exploration and appraisal drilling program in Alaska.

In Europe, progress continued at Norways's Aasta Hansteen gas field; and UK Clair Ridge oil field, with both projects expected to deliver first production by the end of the year. In China, Bohai Phase 3 activities continued as planned, it said.

CEO Ryan Lance said the company remained "focused on creating value for our shareholders by maintaining discipline, following our priorities and staying committed to our returns-focused value proposition."