As of this writing, shares of ConocoPhillips had declined 0.13% to $62.50 per share, while Blackstone shares were up by 1.63% to $37.34 per share
ConocoPhillips and Blackstone released their latest earnings reports before opening bell this morning. ConocoPhillips posted adjusted earnings on 60 cents per share, compared to $1.40 per share in the same quarter a year ago. Analysts had been expecting the oil giant to report earnings of 59 cents per share.
Blackstone reported earnings of 92 cents per share on $2.14 billion, easily beating consensus estimates. Analysts had been expecting the firm to report earnings of 74 cents per share on $1.47 billion in revenue.
With the S&P 500 falling a double-digit percentage in the first half, most equity hedge fund managers struggled to keep their heads above water. The performance of the equity hedge fund sector stands in stark contrast to macro hedge funds, which are enjoying one of the best runs of good performance since the financial crisis. Read More
Key metrics from ConocoPhillips’ earnings report
ConocoPhillips reported a net loss of 3 cents per share of $39 million for the quarter. That’s compared to last year’s profit of $2 per share or $2.5 billion.
The oil giant saw its average price fall 19% to $52.88 a barrel. The company did increase its production slightly, however, bringing it to 1,567 million barrels of oil equivalent per day, not counting its Libyan operations. Due to falling oil prices, ConocoPhillips has been selling off some of its assets and plans to reduce exploration for new oil and gas sources and drilling in some shale areas. The company spun off Phillips 66 refining division and has been focusing on segments with greater returns, according to MarketWatch.
ConocoPhillips plans to trim 15% off its capital budget in the wake of the fourth quarter losses.
Key metrics from Blackstone’s earnings report
Blackstone reported a 24% increase in economic net income, which rose to $4.3 billion or $3.76 per unit for the year. Distributable earnings rose 64% to $3.1 billion or $2.51 per unit for the full year. The firm said both metrics have compounded at double digit rates annually since the initial public offering seven years ago. Net inflows were $57 billion for the quarter, and assets under management hit a new record of $290 billion. GAAP net income for the full year was $1.6 billion.
For the fourth quarter, Blackstone invested $8.1 billion in capital