ConocoPhillips Beats Wall Street Forecasts For Adjusted Profit
October 29 2019 - 7:46AM
Dow Jones News
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.
ConocoPhillips (NYSE:COP)
Historical Stock Chart
From Aug 2024 to Sep 2024
ConocoPhillips (NYSE:COP)
Historical Stock Chart
From Sep 2023 to Sep 2024
