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ConocoPhillips Q3 adjusted profit beats view

Christian Fernsby ▼ | October 29, 2019
ConocoPhillips reported third-quarter 2019 earnings of $3.06 billion or $2.74 per share, up from $1.86 billion or $1.59 per share in the year-ago period.

KEY POINTS
  • Production excluding Libya for the third quarter was 1,322 thousand barrels of oil equivalent per day
  • Adjusting for closed dispositions and acquisitions, underlying production increased primarily due to production growth from the Big 3

ConocoPhillips
ConocoPhillips   Excluding special items, adjusted earnings for the quarter were $0.91 billion
Excluding special items, adjusted earnings for the quarter were $0.91 billion or $0.82 per share, compared with $1.60 billion or $1.36 per share a year ago.

Topics: ConocoPhillips

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.75 per share for the quarter. Analysts' estimates typically exclude special items.

Production excluding Libya for the third quarter was 1,322 thousand barrels of oil equivalent per day or MBOED.

Adjusting for closed dispositions and acquisitions, underlying production increased primarily due to production growth from the Big 3 unconventionals, development programs and major projects in Alaska, Europe and Asia Pacific.

The guidance excludes Libya and reflects the impacts from the completed U.K. divestiture. All other guidance items are unchanged.


 

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