ConocoPhillips Beats Profit Forecasts Despite Lower Output

(Credit: ConocoPhillips)

ConocoPhillips its quarterly dividend by 11% and beat Wall Street estimates for third-quarter adjusted profit on Thursday, as stronger commodity prices and cost-cutting measures helped offset a decline in its output.

Benchmark Brent crude LCOc1 averaged about $89.27 per barrel during the July-to-September period, up more than 31% from a year earlier, driven by geopolitical tensions in the Middle East that raised concerns about global oil supplies.

The company's average realized price was $61.40 per barrel of oil equivalent for the quarter, 32% higher than a year earlier.

Its production for the reported quarter was 2.3 million barrels of oil equivalent per day (boepd), compared with 2.4 million boepd from the same period a year earlier.

The largest US independent oil and gas producer posted an adjusted profit of $3.27 per share for the three months ended September 30. Analysts on average estimated $2.97 per share, according to data compiled by LSEG.

(Reuters - Reporting by Pooja Menon in Bengaluru; Editing by Joyjeet Das)