For Q1FY17, ConocoPhillips Leveraging the recovery of global commodity prices and improving cash flow profile

Leveraging the recovery of global commodity prices and improving cash flow profile:For Q1FY17, ConocoPhillips (NYSE: COP) has highlighted that its current dividend can withstand low prices and there is room for annual increases. Further, the group expects the recent transactions to reduce average cost of supply to ~$35/BBL. The group had also witnessed a net profit after tax at $0.6 billion against a loss of $1.5 billion in Q1FY16. However, excluding special items, adjusted earnings posted a loss of $0.2 billion against adjusted loss of $1.2 billion in Q1FY16. Special items for the current quarter were primarily driven by a financial tax accounting benefit related to the Canadian disposition, partially offset by non-cash impairments in Alaska and the Gulf of Mexico. Further, the company’s revised $400 million of full-year guidance for dry hole expense resulted in adjusted dry hole and leasehold impairment expense of $450 million. The company’s total realized price stood at $36.18 per barrel of oil equivalent (BOE) against $22.94 per BOE in Q1FY16, reflecting higher average realized prices across all commodities.

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