ConocoPhillips Reports Weak Q1, Misses Estimates
Apr 27, 2011
ConocoPhillips (NYSE:COP) reported Q1 EPS of $1.82 today, missing the consensus estimate for $1.97 per share. Revenue for the quarter was up 27% year-over-year to $58.25 billion, missing the consensus estimate for $61.72 billion.
Jim Mulva, chairman and chief executive officer said, "While our financial results were much improved from a year ago, E&P production and R&M capacity utilization did not meet our targets. The quarter was negatively impacted by approximately $200 million from unplanned downtime and from variable compensation expense related to prior-year performance."
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