COP

ConocoPhillips beats third-quarter profit estimates on higher output

Credit: REUTERS/CHRIS HELGREN

Adds background and details on the results in paragraph 2-4

Nov 2 (Reuters) - ConocoPhillips COP.N posted a third-quarter profit that beat Wall Street estimates on Thursday, as the U.S. shale producer benefited from higher output, and raised quarterly dividend by 14%.

Benchmark Brent crude LCOc1 averaged $85.67 a barrel in the first three months of 2023, nearly 13% lower than last year, but still well above the levels that allow oil and gas producers to drill profitably.

Crude prices had surged to multi-year highs last year after Russia's invasion of Ukraine upended global energy markets.

ConocoPhillips said production for the third quarter was 1.806 million barrels of oil equivalent per day (boepd), an increase of 52 thousand (boepd) from the same period a year earlier.

Excluding items, the company reported a profit of $2.16 per share for the three months ended Sept. 30, compared with analysts' average estimate of $2.08 per share, according to LSEG data.

(Reporting by Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli)

((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94 ;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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