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ConocoPhillips beats expectations for the second quarter

ConocoPhillips beats expectations for the second quarter

ConocoPhillips [NYSE: COP] reported Q2 revenues of $16 billion, up from $14.6 billion for the same time last year, beating analysts' forecasts. Earnings per share increased to $1.71 versus estimates of $1.56/share. The company boosted the quarterly dividend by 5.8%.

The company has a strong presence in the Eagle Ford and Bakken shale, which helped increase production by 6.5% y/y. Earnings were also supported by higher natural gas prices last quarter.

In Canada, production increased to 284,000 barrels per day, boosted by improved operational performance at the phase E expansion of the Christina Lake steam-assisted gravity drainage (SAGD) operation. Further production increases are expected when phase F of Foster Creek comes online. Both Christina Lake and Foster Creek are joint ventures with Cenovus.

The company also reported that their Surmont 2 SAGD facility is on track for first steam in mid-2015. Once operational, the Surmont facility will have a total capacity of 136,000 bpd (Phase 1 & 2). The company also submitted an application to build Surmont 3 which would add another 125,000 bpd through three-stages, each capable of producing 45,000 bpd. Surmont is a 50/50 joint venture with Total E&P Canada.

Energy giant Suncor misses estimates on earnings but boosts quarterly dividend

Energy giant Suncor misses estimates on earnings but boosts quarterly dividend

Cenovus reports record cash flow in the second quarter

Cenovus reports record cash flow in the second quarter

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