ConocoPhillips stock falls after profit, revenue miss expectations as realized prices tumbled 38%

Shares of ConocoPhillips fell 1.4% in premarket trading Thursday, after the oil exploration and production company reported second-quarter profit and revenue that missed expectations as prices tumbled, while production reached record levels and the full-year outlook was raised. Net income fell to $2.23 billion, or $1.84 a share, from $5.15 billion, or $3.96 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.84 was below the FactSet consensus of $1.93. Total revenue fell 41.4% to $12.88 billion, below the FactSet consensus of $14.74 billion. Production increased 6.7% to a record 1.805 million barrels of oil equivalent per day (MMBOED), while average realized prices fell 38% to $54.50 per barrel of oil equivalent. The full-year production outlook was raised to $1.80 MMBOED to 1.81 MMBOED from 1.78 MMBOED to 1.80 MMBOED. The stock has rallied 20.3% over the past three months through Wednesday while the S&P 500 has gained 10.3%.

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