By Micah Maidenberg 
 

ConocoPhillips (COP) profit rose in the third quarter, driven higher by the energy producer's sale of assets in the U.K.

Conoco on Tuesday reported a profit of $3.1 billion, or $2.74 a share, compared with $1.9 billion, or a $1.59 share, the year earlier.

The company's reported a profit excluding special items of 82 cents a share, surpassing analysts' predictions by 10 cents, according to FactSet.

In September, the company completed it sale of Conoco subsidiaries that held its exploration and production assets in the U.K. That divestiture generated $2.2 billion in proceeds, Conoco said Tuesday.

The Houston-based company said it produced 1.32 million barrels equivalent a day in the third quarter, excluding Libya.

Conoco's realized price weakened to $47.07 in the quarter from $57.71 per barrel of oil equivalent a year ago.

 

Write to Micah Maidenberg at micah.maidenberg@wsj.com

 

(END) Dow Jones Newswires

October 29, 2019 07:31 ET (11:31 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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