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Conocophillips beats profit estimates on crude price rally

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These translations are done via Google Translate

Nov 2 (Reuters) – Conocophillips (COP.N) on Tuesday reported a third-quarter profit that blew past Wall Street expectations, thanks to a rebound in crude prices to pre-pandemic levels after more than a year of depressed fuel demand.

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 (RDSa.L) 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.

It expects current-quarter production to stand between 1.53 million boe per day and to 1.57 million boe per day, excluding Libya as well as impacts from the pending Shell Permian acquisition.

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

Conocophillips also lowered its 2021 depreciation, depletion and amortization expense outlook to $7.1 billion from its prior forecast of $7.4 billion, citing positive revisions to proved reserves due to higher commodity prices.

The Houston-Texas based company reported adjusted net income of $2.4 billion, or $1.77 per share, in the quarter ended Sept. 30, beating expectations of $1.51 per share, according to Refinitiv IBES data.

Conocophillips shares which have risen 86% so far this year, were up 0.95% in premarket trading.

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