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<blockquote data-quote="dennishoddy" data-source="post: 2089137" data-attributes="member: 5412"><p>1/31/2013</p><p>HOUSTON &ndash; ConocoPhillips today reported fourth-quarter 2012 earnings of $1.4 billion, or $1.16 per share, compared with fourth-quarter 2011 earnings of $3.4 billion, or $2.56 per share. Fourth-quarter 2011 reported earnings included downstream results prior to the separation of Phillips 66 on April 30, 2012.</p><p>Excluding special items, fourth-quarter 2012 adjusted earnings were $1.8 billion, or $1.43 per share, compared with fourth-quarter 2011 adjusted earnings of $2.1 billion, or $1.55 per share. Special items for the current quarter included disposition-related impairments partially offset by tax impacts, net benefits related to legal claims and settlements, and discontinued operations.</p><p>Following recently announced agreements to dispose of the company&rsquo;s interests in the Kashagan Field and the Algeria and Nigeria business units, the associated earnings and production impacts for these assets have been reported as discontinued operations. This decreased adjusted earnings for fourth-quarter 2012 by $27 million, or $0.02 per share.</p><p>Full-year 2012 earnings were $8.4 billion, or $6.72 per share, compared with full-year 2011 earnings of $12.4 billion, or $8.97 per share. Reported earnings for 2012 and 2011 included four months and 12 months of downstream results, respectively. Full-year 2012 adjusted earnings were $6.7 billion, or $5.37 per share, compared with full-year 2011 adjusted earnings of $8.0 billion, or $5.75 per share.</p><p>Reserves Update</p><p>Preliminary year-end 2012 proved reserves are 8.6 billion barrels of oil equivalent (BOE). Proved organic reserve additions for 2012 are expected to be 942 million BOE, representing an organic reserve replacement ratio of 156 percent of 2012 production, including fuel gas. Sales completed during 2012, net of purchases, reduced reserves by 83 million BOE, giving a total reserve replacement ratio of 142 percent.</p><p>Fourth-Quarter Review</p><p>Production from continuing operations for the fourth quarter of 2012 was 1,566 MBOED, compared with 1,538 MBOED for the fourth quarter of 2011. Adjusted for completed dispositions, production grew by 83 MBOED compared to fourth-quarter 2011. This increase was primarily due to new production from major projects and drilling programs as well as higher production in Libya and China. These increases more than offset normal field decline and downtime.</p><p>Adjusted earnings decreased compared with fourth-quarter 2011 primarily due to the impact of lower commodity prices. The company&rsquo;s total realized price fell to $67.45 per BOE, compared to $69.99 per BOE in the fourth quarter of 2011. Realized crude oil prices decreased to $103.08 per barrel, compared with $105.92 per barrel for the fourth quarter of 2011. Realized natural gas liquids (NGL) prices decreased by 18 percent to $44.93 per barrel, compared with $55.06 per barrel for the fourth quarter of 2011. Realized natural gas prices decreased to $5.79 per thousand cubic feet (MCF), compared with $5.88 per MCF for the fourth quarter of 2011.</p><p>(See EARNINGS, Page 2)</p><p>For the quarter, cash provided by continuing operating activities was $3.87 billion. Excluding a working capital increase of $0.37 billion, ConocoPhillips generated $4.24 billion in cash from operations. The company funded a $3.6 billion capital program and paid dividends of $0.8 billion. During the quarter, debt increased $0.6 billion, reflecting the placement of $2.0 billion in low-interest debt, retirement of maturing debt and repayment of commercial paper.</p><p>Full-Year Review</p><p>Production from continuing operations for the year was 1,527 MBOED, compared with 1,561 MBOED for 2011. Adjusted for completed dispositions, production grew by 7 MBOED compared to 2011. New production from major projects and drilling programs, as well as higher production from the resumption of operations in Libya, offset normal field decline and downtime.</p><p>Adjusted earnings decreased compared with 2011 primarily due to the impact of lower commodity prices and volumes. The company&rsquo;s full-year 2012 realized price fell to $67.68 per BOE, compared to $69.14 per BOE in 2011. Realized crude oil prices increased to $105.72 per barrel, compared with $105.52 per barrel for the full year of 2011. Realized NGL prices decreased by 17 percent to $46.36 per barrel, compared with $55.73 per barrel for the full year of 2011. Realized natural gas prices decreased by 6 percent to $5.48 per MCF, compared with $5.80 per MCF for the full year of 2011. Realized bitumen prices decreased by 14 percent to $53.91 per barrel, compared with $62.56 per barrel for the full year of 2011.</p><p>For the year, cash provided by continuing operating activities was $13.5 billion. Excluding a working capital increase of $1.2 billion, ConocoPhillips generated $14.7 billion in cash from operations. The company received $2.1 billion in proceeds from asset dispositions and $5.5 billion in net cash related to the separation of Phillips 66. ConocoPhillips funded a $15.7 billion capital program, including $0.8 billion related to discontinued operations. During the year, the company paid dividends of $3.3 billion and repurchased shares for $5.1 billion. Debt decreased by $0.9 billion.</p><p>As of Dec. 31, 2012, ConocoPhillips had debt of $21.7 billion and the debt-to-capital ratio was 31 percent. The company had $3.62 billion of cash and cash equivalents and $0.75 billion in restricted cash targeted for dividends.</p><p>Outlook</p><p>Total production for the first quarter of 2013 is expected to be 1,580 to 1,600 MBOED, including production from discontinued operations of approximately 40 MBOED. Full-year 2013 production from continuing operations is expected to be 1,475 to 1,525 MBOED.</p><p>In addition to $2.1 billion in proceeds from asset dispositions completed in 2012, the company has announced asset sales that are expected to close by mid-2013, generating additional proceeds of approximately $9.6 billion. The company continues to evaluate opportunities to further optimize the portfolio.</p><p>ConocoPhillips will hold its annual analyst meeting on Feb. 28 in New York. Representatives from company management will discuss the company&rsquo;s strategic plans for growth and value creation.</p></blockquote><p></p>
[QUOTE="dennishoddy, post: 2089137, member: 5412"] 1/31/2013 HOUSTON – ConocoPhillips today reported fourth-quarter 2012 earnings of $1.4 billion, or $1.16 per share, compared with fourth-quarter 2011 earnings of $3.4 billion, or $2.56 per share. Fourth-quarter 2011 reported earnings included downstream results prior to the separation of Phillips 66 on April 30, 2012. Excluding special items, fourth-quarter 2012 adjusted earnings were $1.8 billion, or $1.43 per share, compared with fourth-quarter 2011 adjusted earnings of $2.1 billion, or $1.55 per share. Special items for the current quarter included disposition-related impairments partially offset by tax impacts, net benefits related to legal claims and settlements, and discontinued operations. Following recently announced agreements to dispose of the company’s interests in the Kashagan Field and the Algeria and Nigeria business units, the associated earnings and production impacts for these assets have been reported as discontinued operations. This decreased adjusted earnings for fourth-quarter 2012 by $27 million, or $0.02 per share. Full-year 2012 earnings were $8.4 billion, or $6.72 per share, compared with full-year 2011 earnings of $12.4 billion, or $8.97 per share. Reported earnings for 2012 and 2011 included four months and 12 months of downstream results, respectively. Full-year 2012 adjusted earnings were $6.7 billion, or $5.37 per share, compared with full-year 2011 adjusted earnings of $8.0 billion, or $5.75 per share. Reserves Update Preliminary year-end 2012 proved reserves are 8.6 billion barrels of oil equivalent (BOE). Proved organic reserve additions for 2012 are expected to be 942 million BOE, representing an organic reserve replacement ratio of 156 percent of 2012 production, including fuel gas. Sales completed during 2012, net of purchases, reduced reserves by 83 million BOE, giving a total reserve replacement ratio of 142 percent. Fourth-Quarter Review Production from continuing operations for the fourth quarter of 2012 was 1,566 MBOED, compared with 1,538 MBOED for the fourth quarter of 2011. Adjusted for completed dispositions, production grew by 83 MBOED compared to fourth-quarter 2011. This increase was primarily due to new production from major projects and drilling programs as well as higher production in Libya and China. These increases more than offset normal field decline and downtime. Adjusted earnings decreased compared with fourth-quarter 2011 primarily due to the impact of lower commodity prices. The company’s total realized price fell to $67.45 per BOE, compared to $69.99 per BOE in the fourth quarter of 2011. Realized crude oil prices decreased to $103.08 per barrel, compared with $105.92 per barrel for the fourth quarter of 2011. Realized natural gas liquids (NGL) prices decreased by 18 percent to $44.93 per barrel, compared with $55.06 per barrel for the fourth quarter of 2011. Realized natural gas prices decreased to $5.79 per thousand cubic feet (MCF), compared with $5.88 per MCF for the fourth quarter of 2011. (See EARNINGS, Page 2) For the quarter, cash provided by continuing operating activities was $3.87 billion. Excluding a working capital increase of $0.37 billion, ConocoPhillips generated $4.24 billion in cash from operations. The company funded a $3.6 billion capital program and paid dividends of $0.8 billion. During the quarter, debt increased $0.6 billion, reflecting the placement of $2.0 billion in low-interest debt, retirement of maturing debt and repayment of commercial paper. Full-Year Review Production from continuing operations for the year was 1,527 MBOED, compared with 1,561 MBOED for 2011. Adjusted for completed dispositions, production grew by 7 MBOED compared to 2011. New production from major projects and drilling programs, as well as higher production from the resumption of operations in Libya, offset normal field decline and downtime. Adjusted earnings decreased compared with 2011 primarily due to the impact of lower commodity prices and volumes. The company’s full-year 2012 realized price fell to $67.68 per BOE, compared to $69.14 per BOE in 2011. Realized crude oil prices increased to $105.72 per barrel, compared with $105.52 per barrel for the full year of 2011. Realized NGL prices decreased by 17 percent to $46.36 per barrel, compared with $55.73 per barrel for the full year of 2011. Realized natural gas prices decreased by 6 percent to $5.48 per MCF, compared with $5.80 per MCF for the full year of 2011. Realized bitumen prices decreased by 14 percent to $53.91 per barrel, compared with $62.56 per barrel for the full year of 2011. For the year, cash provided by continuing operating activities was $13.5 billion. Excluding a working capital increase of $1.2 billion, ConocoPhillips generated $14.7 billion in cash from operations. The company received $2.1 billion in proceeds from asset dispositions and $5.5 billion in net cash related to the separation of Phillips 66. ConocoPhillips funded a $15.7 billion capital program, including $0.8 billion related to discontinued operations. During the year, the company paid dividends of $3.3 billion and repurchased shares for $5.1 billion. Debt decreased by $0.9 billion. As of Dec. 31, 2012, ConocoPhillips had debt of $21.7 billion and the debt-to-capital ratio was 31 percent. The company had $3.62 billion of cash and cash equivalents and $0.75 billion in restricted cash targeted for dividends. Outlook Total production for the first quarter of 2013 is expected to be 1,580 to 1,600 MBOED, including production from discontinued operations of approximately 40 MBOED. Full-year 2013 production from continuing operations is expected to be 1,475 to 1,525 MBOED. In addition to $2.1 billion in proceeds from asset dispositions completed in 2012, the company has announced asset sales that are expected to close by mid-2013, generating additional proceeds of approximately $9.6 billion. The company continues to evaluate opportunities to further optimize the portfolio. ConocoPhillips will hold its annual analyst meeting on Feb. 28 in New York. Representatives from company management will discuss the company’s strategic plans for growth and value creation. [/QUOTE]
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