Based on the second quarter earnings announcement, we revised our price estimate for ConocoPhillips to $85/share, which is around 12.8x our 2014 full-year adjusted diluted EPS estimate for the company. The valuation of an independent oil and gas company largely depends on a few key business drivers such as hydrocarbon production, proved reserves, cash operating margins, and capital expenditures.
Based on the second quarter earnings announcement, we revised our price estimate for ConocoPhillips to $85/share, which is around 12.8x our 2014 full-year adjusted diluted EPS estimate for the company. The valuation of an independent oil and gas company largely depends on a few key business drivers such as hydrocarbon production, proved reserves, cash operating margins, and capital expenditures.
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