ConocoPhillips Swings to 3Q Profit

Credit: JHVEPhoto
Credit: JHVEPhoto

ConocoPhillips reported a third-quarter profit on Tuesday, compared with a year-ago loss, thanks to a rebound in crude prices to pre-pandemic levels.

Oil prices have climbed nearly 63% since the beginning of the year, driven by a rise in global demand and on supply bottlenecks, pushing Brent above $86 to its highest in nearly three years. The rally has been accompanied by sky-high gas prices around the world.

The company, which agreed to buy Royal Dutch Shell's Permian basin assets in September, said its production, excluding Libya, rose 41.36% to 1.51 million barrel of oil equivalent (boe) per day in the third quarter.

Prices for its oil and gas averaged $56.92 per boe in the quarter, compared with $30.94, a year earlier.

The Houston-Texas based company posted adjusted earnings of $2.4 billion, or $1.77 per share, in the quarter ended Sept. 30, compared to a loss of $331 million, or 31 cents per share, a year earlier. 

(Reporting by Rithika Krishna in Bengaluru; Editing by Shailesh Kuber)

Current News

SLB Narrowly Beats Quarterly Profit Estimates

SLB Narrowly Beats Quarterly P

Vard Books Construction Order for CSOV Pair

Vard Books Construction Order

ABL to Deliver Grid Works for 600MW French Offshore Wind Farm

ABL to Deliver Grid Works for

Cadeler Adds Wind Keeper WTIV to Fleet, Locking in Long-Term Vestas Deal

Cadeler Adds Wind Keeper WTIV

Subscribe for OE Digital E‑News

 
Offshore Engineer Magazine