ConocoPhillips Demonstrated Its Strength Amid the Storms in the Third Quarter
ConocoPhillips (NYSE: COP) reported expectation-trouncing third-quarter results before the market opened on Thursday, surpassing analysts' expectations once again. That's after the U.S. oil giant posted an adjusted profit of $198 million, or $0.16 per share, which was twice the $0.08 per share that analysts anticipated and $0.02 per share ahead of last quarter. That surprisingly strong result came despite the facts that oil remains low, the company closed the sale of several assets this year, and Hurricane Harvey forced a temporary shut-in of some production in Texas.
Heading into the quarter, ConocoPhillips anticipated that it would produce between 1.17 million and 1.21 million barrels of oil equivalent per day (BOE/D) during the quarter. However, despite losing 15,000 BOE/D due to the impact from Hurricane Harvey, output was near the high end of that guidance range at 1.202 million BOE/D. After adjusting for asset sales, underlying production for its retained assets increased 16,000 BOE/D, or 1.4%, from the year-ago quarter, thanks to the ramp-up of several major projects and development programs.
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Source: Fool.com
ConocoPhillips Stock
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