30 January 2009

COP: 2008-4Q Earnings

ConocoPhillips (NYSE: COP) recently announced its results for the fourth quarter of 2008. The results included impairment charges that added up to $34.5 billion. The last "b" is not a typo.

This huge expense complicates our analysis. It will probably take us another couple of days to update our gauges and report on the results.

In the mean time, we offer a spreadsheet comparing the actual results (with and without the impairment charges) with our previously announced expectations. The Revenue level we forecasted turned out to be a good estimate.

Please note that the tabular format below, which we use for all analyses, can and often does differ in material respects from company-used formats. A common difference is the classification of income and expenses as Operating and Non-Operating. The standardization is simply for convenience and to facilitate cross-company comparisons.


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