Written by StockNews.com

ConocoPhillips (COP) early Tuesday posted worse than expected first quarter earnings results, but backed its full-year forecast, as it navigates a continually difficult energy market in which oil prices sit near 12-year lows.

The Houston-based integrated oil giant reported an adjusted Q1:

• net loss of ($0.02), which was $0.05 worse than the Wall Street consensus estimate for a profit of $0.03. COP did not provide specific revenue numbers for the quarter.

Looking ahead, ConocoPhillips said:

• Q2 oil production is expected to be between 1,495 and 1,535 MBOED.
• It also left its full-year earnings guidance unchanged.

...Ryan Lance, chairman and chief executive officer, commented...[saying]:

“We are off to a strong start in 2017.

• Operationally, the business is running well. We grew our production, while maintaining our cost and capital discipline.
• Financially, our cash from operating activities more than covered capital spending and the dividend.
• Strategically, we increased our quarterly dividend, paid down debt and continued to execute our share buyback program.
• We also announced agreements to divest our interests in several Canadian assets and the San Juan Basin. When these transactions close, proceeds will be used to accelerate our value proposition by significantly reducing debt, and increasing share repurchases over the next three years.
• We believe ConocoPhillips offers a differentiated strategy, one that can deliver consistent double-digit returns to shareholders through the cycles.”

...Year-to-date, COP has declined -4.80%, versus a 7.24% rise in the benchmark S&P 500 index during the same period.

COP currently has a StockNews.com POWR Rating of B (Buy) and ranked #11 of 103 stocks in the Energy – Oil & Gas category.