By Chelsey Dulaney
ConocoPhillips said its third-quarter earnings grew 9% on increased oil and gas production, despite a drop in selling prices.
The exploration and production company has been selling noncore assets to focus on those with higher returns, such as U.S. shale formations, which have been fueling a drilling boom. Like many energy companies in the U.S., ConocoPhillips is focusing the largest part of its investment on oil rock formations in North Dakota and Texas.
In the Eagle Ford and Bakken shales, production increased by 33% in the quarter.
ConocoPhillips has also begun exporting oil from Alaska as sales of U.S. crude to foreign buyers continue to mount.
Overall, ConocoPhillips reported a profit of $2.7 billion, or $2.17 a share, compared with $2.5 billion, or $2 a share, a year earlier. Excluding a gain from the sale of the company’s Nigerian business, earnings fell to $1.29 from $1.47 a share a year earlier.
Analysts polled by Thomson Reuters had expected a per-share profit of $1.20.
Production from continuing operations, excluding Libya, increased 1.7% on an oil-equivalent basis during the quarter, with net organic growth of 4% offset by higher downtime.Read the full article