NEW YORK, NY / ACCESSWIRE / May 3, 2017 / A recovery in oil prices has helped major oil companies like Exxon and Chevron beat estimates, and it also helped BP as the company delivered a solid Q1 earnings report on Tuesday. ConocoPhillips on the other hand reported a surprising loss and sank into the red.

RDI Initiates Coverage on:

BP P.L.C.
https://ub.rdinvesting.com/news/?ticker=BP

ConocoPhillips
https://ub.rdinvesting.com/news/?ticker=COP

BP P.L.C. was the latest big oil company to report earnings and beat estimate. The stock saw modest gains on Tuesday and closed up 1.25%. Net income for the oil giant came in at $1.51B, way ahead of the $1.26 billion that analysts were looking for according to the New York Times. EPS came in at $0.07, one penny ahead of the Thomson Reuters estimate. Revenue at $55.86 billion was significantly ahead of the $49.98 billion that Thomson Reuter's analysts had waited for. CEO Bob Dudley said in a statement, "Our year has started well. We have shown continued operational momentum - it was another strong quarter for the downstream (refining) and the first of our seven new upstream (exploration and production) major projects has started up, with a further three near completion. We expect these to drive a material improvement in operating cash flow from the second half."

Access RDI's BP P.L.C. Research Report at:
https://ub.rdinvesting.com/news/?ticker=BP

ConocoPhillips shares closed down 1.64% on Tuesday after the company reported a loss of 2 cents a share, well below the 1 cent profit that the Street was looking for. The company did however report a quarterly profit compared with a loss a year ago thanks to the sale of its oil sands and western Canadian natural gas assets. Net profit came in at $800 million, or 62 cents per share for the first quarter ending March 31st. Roger Read of Wells Fargo wrote in a note, "Given over $16 billion of asset sales announced in March and April, Q1 2017 earnings feel anticlimactic, thus we do not expect much follow through post release. The EPS miss versus our/consensus estimates could be a minor negative, but both production and operating cash flow exceeded our expectations while full year production guidance was unchanged. The cash flow beat came in spite of a much larger negative deferred tax impact, which speaks to underlying performance of COP. Share repurchases were a bit lighter than we expected, but debt repayment was larger, which we will call a wash."

Access RDI's ConocoPhillips Research Report at:
https://ub.rdinvesting.com/news/?ticker=COP

Our Actionable Research on BP P.L.C. (NYSE: BP) and ConocoPhillips (NYSE: COP) can be downloaded free of charge at Research Driven Investing.

Research Driven Investing

We are committed to providing relevant and actionable information for the self-directed investor. Our research is reputed for being a leader in trusted, in-depth analysis vital for informed strategic trading decisions. The nimble investor can leverage our analysis and collective expertise to execute a disciplined approach to stock selection.

RDInvesting has not been compensated; directly or indirectly; for producing or publishing this document.

Disclaimer: This article is written by an independent contributor of RDInvesting.com and reviewed by Nadia Noorani, CFA® charter holder. RDInvesting.com is neither a registered broker dealer nor a registered investment advisor. For more information please read our full disclaimer at www.rdinvesting.com/disclaimer.

CONTACT

For any questions, inquiries, or comments reach out to us directly at:

Address:

Research Driven Investing, Unit #901 511 Avenue of the Americas, New York, NY, 10011

Email:

contact@rdinvesting.com

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: RDInvesting.com