ConocoPhillips (COP, Financial) filed Quarterly Report for the period ended 2010-06-30.
Conocophillips has a market cap of $85.46 billion; its shares were traded at around $57.42 with a P/E ratio of 10.9 and P/S ratio of 0.6. The dividend yield of Conocophillips stocks is 3.8%. Conocophillips had an annual average earning growth of 18.2% over the past 10 years.COP is in the portfolios of Donald Yacktman of Yacktman Asset Management Co., Donald Yacktman of Yacktman Asset Management Co., Tweedy Browne of Tweedy Browne CO LLC, Michael Price of MFP Investors LLC, Warren Buffett of Berkshire Hathaway, HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC, David Williams of Columbia Value and Restructuring Fund, Wallace Weitz of Weitz Wallace R & Co, James Barrow of Barrow, Hanley, Mewhinney & Strauss, Richard Snow of Snow Capital Management, L.P., Jean-Marie Eveillard of First Eagle Investment Management, LLC, Jeff Auxier of Auxier Focus Fund, David Dreman of Dreman Value Management, NWQ Managers of NWQ Investment Management Co, Brian Rogers of T Rowe Price Equity Income Fund, Bill Frels of Mairs & Power Inc. , Pioneer Investments, Jeremy Grantham of GMO LLC, Steven Cohen of SAC Capital Advisors, Chris Davis of Davis Selected Advisers, Paul Tudor Jones of The Tudor Group, PRIMECAP Management, Third Avenue Management, Tom Russo of Gardner Russo & Gardner, Manning & Napier Advisors, Inc, George Soros of Soros Fund Management LLC, Charles Brandes of Brandes Investment, Dodge & Cox, Kenneth Fisher of Fisher Asset Management, LLC, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc.
Our Refining and Marketing (R&M) segment benefited from the improved market conditions; however, we reported a loss of $279 million in the second quarter of 2010, compared with a loss of $4 million in the first quarter of 2010 and a loss of $52 million in the second quarter of 2009. The loss in the second quarter of 2010 was the result of the $1,103 million after-tax property impairment of our refinery in Wilhelmshaven, Germany.
Earnings were $4,164 million in the second quarter of 2010, compared with $859 million in the second quarter of 2009. For the six-month periods ended June 30, 2010 and 2009, earnings were $6,262 million and $1,659 million, respectively. The improvement in both periods of 2010 was primarily the result of:
Earnings from our E&P segment were $4,114 million in the second quarter of 2010, compared with earnings of $725 million in the second quarter of 2009. E&P earnings for the first six months of 2010 and 2009 were $5,946 million and $1,425 million, respectively. The increases for both periods in 2010 were primarily due to the $2,679 million after-tax gain on sale of our Syncrude oil sands mining operation in June 2010 and higher crude oil, natural gas and natural gas liquids prices. These increases were partially offset by higher production taxes, as a result of higher prices, and lower crude oil and natural gas volumes. See the Business Environment and Executive Overview section for additional information on industry crude oil and natural gas prices.
U.S. E&P Our U.S. E&P operations reported earnings of $536 million in the second quarter of 2010, compared with earnings of $336 million for the same period in 2009. Domestic E&P earnings for the first six months of 2010 and 2009 were $1,293 million and $509 million, respectively. The increases for both periods in 2010 were primarily the result of higher crude oil and natural gas prices, which were partially offset by higher production taxes in Alaska, lower crude oil and natural gas volumes, and an unfavorable tax ruling.
International E&P International E&P earnings were $3,578 million in the second quarter of 2010, or $3,189 million higher than the comparative period in 2009. International earnings for the first six months of 2010 and 2009 were $4,653 million and $916 million, respectively. In addition to the gain on sale of our Syncrude oil sands mining operation, results for both periods were influenced by higher crude oil, natural gas and natural gas liquids prices. These increases were partially offset by higher petroleum and export taxes, as a result of higher prices. Results for the six-month period of 2010 were also negatively impacted by the $85 million after-tax write-off of project costs resulting from our decision to end participation in the Shah Gas Field Project in Abu Dhabi.
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Conocophillips has a market cap of $85.46 billion; its shares were traded at around $57.42 with a P/E ratio of 10.9 and P/S ratio of 0.6. The dividend yield of Conocophillips stocks is 3.8%. Conocophillips had an annual average earning growth of 18.2% over the past 10 years.COP is in the portfolios of Donald Yacktman of Yacktman Asset Management Co., Donald Yacktman of Yacktman Asset Management Co., Tweedy Browne of Tweedy Browne CO LLC, Michael Price of MFP Investors LLC, Warren Buffett of Berkshire Hathaway, HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC, David Williams of Columbia Value and Restructuring Fund, Wallace Weitz of Weitz Wallace R & Co, James Barrow of Barrow, Hanley, Mewhinney & Strauss, Richard Snow of Snow Capital Management, L.P., Jean-Marie Eveillard of First Eagle Investment Management, LLC, Jeff Auxier of Auxier Focus Fund, David Dreman of Dreman Value Management, NWQ Managers of NWQ Investment Management Co, Brian Rogers of T Rowe Price Equity Income Fund, Bill Frels of Mairs & Power Inc. , Pioneer Investments, Jeremy Grantham of GMO LLC, Steven Cohen of SAC Capital Advisors, Chris Davis of Davis Selected Advisers, Paul Tudor Jones of The Tudor Group, PRIMECAP Management, Third Avenue Management, Tom Russo of Gardner Russo & Gardner, Manning & Napier Advisors, Inc, George Soros of Soros Fund Management LLC, Charles Brandes of Brandes Investment, Dodge & Cox, Kenneth Fisher of Fisher Asset Management, LLC, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc.
Highlight of Business Operations:
Our Exploration and Production (E&P) segment had earnings of $4,114 million in the second quarter of 2010. This compares with earnings of $1,832 million in the first quarter of 2010 and $725 million in the second quarter of 2009. The increase in the second quarter of 2010 was primarily due to the $2,679 million after-tax gain on sale of our Syncrude oil sands mining operation and substantially higher crude oil, natural gas and natural gas liquids prices.Our Refining and Marketing (R&M) segment benefited from the improved market conditions; however, we reported a loss of $279 million in the second quarter of 2010, compared with a loss of $4 million in the first quarter of 2010 and a loss of $52 million in the second quarter of 2009. The loss in the second quarter of 2010 was the result of the $1,103 million after-tax property impairment of our refinery in Wilhelmshaven, Germany.
Earnings were $4,164 million in the second quarter of 2010, compared with $859 million in the second quarter of 2009. For the six-month periods ended June 30, 2010 and 2009, earnings were $6,262 million and $1,659 million, respectively. The improvement in both periods of 2010 was primarily the result of:
Earnings from our E&P segment were $4,114 million in the second quarter of 2010, compared with earnings of $725 million in the second quarter of 2009. E&P earnings for the first six months of 2010 and 2009 were $5,946 million and $1,425 million, respectively. The increases for both periods in 2010 were primarily due to the $2,679 million after-tax gain on sale of our Syncrude oil sands mining operation in June 2010 and higher crude oil, natural gas and natural gas liquids prices. These increases were partially offset by higher production taxes, as a result of higher prices, and lower crude oil and natural gas volumes. See the Business Environment and Executive Overview section for additional information on industry crude oil and natural gas prices.
U.S. E&P Our U.S. E&P operations reported earnings of $536 million in the second quarter of 2010, compared with earnings of $336 million for the same period in 2009. Domestic E&P earnings for the first six months of 2010 and 2009 were $1,293 million and $509 million, respectively. The increases for both periods in 2010 were primarily the result of higher crude oil and natural gas prices, which were partially offset by higher production taxes in Alaska, lower crude oil and natural gas volumes, and an unfavorable tax ruling.
International E&P International E&P earnings were $3,578 million in the second quarter of 2010, or $3,189 million higher than the comparative period in 2009. International earnings for the first six months of 2010 and 2009 were $4,653 million and $916 million, respectively. In addition to the gain on sale of our Syncrude oil sands mining operation, results for both periods were influenced by higher crude oil, natural gas and natural gas liquids prices. These increases were partially offset by higher petroleum and export taxes, as a result of higher prices. Results for the six-month period of 2010 were also negatively impacted by the $85 million after-tax write-off of project costs resulting from our decision to end participation in the Shah Gas Field Project in Abu Dhabi.
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