ConocoPhillips $COP lowered its full-year production outlook due to uncertainty from the Middle East conflict, even as the company's first-quarter adjusted earnings cleared analyst expectations.
Full-year output guidance was trimmed to a range of 2.295 million to 2.325 million barrels of oil equivalent per day, pulling back from the prior target of 2.33 million to 2.36 million. The revised guidance reflects a 20,000-barrel-per-day annual adjustment for the exclusion of Qatar. Qatar's volumes were also stripped out of the second-quarter outlook, where the company projects output of 2.19 million to 2.22 million barrels of oil equivalent per day.
Earnings for the first quarter totaled $2.18 billion, or $1.78 a share, compared with $2.85 billion, or $2.23 a share, in the year-ago quarter. On an adjusted basis, which backs out charges tied to pending claims and settlements along with a contingent liability loss, the company earned $1.89 a share — well above the $1.68 consensus estimate analysts had anticipated, according to The Wall Street Journal.