Posted: Jul 31, 2014 9:40 AMUpdated: Jul 31, 2014 9:40 AM
ConocoPhillips Reports Second Quarter Earnings
ConocoPhillips reported second-quarter 2014 earnings of $2.1 billion, or $1.67 per share, compared with second-quarter 2013 earnings of $2.1 billion, or $1.65 per share. Excluding special items, second-quarter 2014 adjusted earnings were $2.0 billion, or $1.61 per share, compared with second-quarter 2013 adjusted earnings of $1.8 billion, or $1.41 per share. Special items for the current quarter primarily related to additional income associated with pending claims and settlements, partially offset by leasehold impairments in the Canadian arctic.
According to Chairman and Chief Executive Officer, Ryan Lance, the quarter is evidence of the company's commitment to deliver annual production and margin growth of 3 to 5 percent, while returning capital to shareholders through an attractive dividend. Lance says ConocoPhillips is delivering on those goals, including a recent dividend increase of 5.8 percent, and is positioned for continued growth in volumes, margins and cash flow.
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