Key facts
- ConocoPhillips raised its quarterly dividend to 93 cents per share from 84 cents a year earlier, effective with the fourth-quarter payout due on December 1.
- ConocoPhillips reported third-quarter adjusted profit of $3.27 per share against an LSEG-compiled average estimate of $2.97 per share.
- ConocoPhillips said its average realized price was $61.40 per barrel of oil equivalent for the quarter, 32% higher than a year earlier.
- ConocoPhillips reported third-quarter production of 2.3 million barrels of oil equivalent per day, down from 2.4 million a year earlier.
- ConocoPhillips forecast fourth-quarter production between 2.32 million and 2.36 million barrels of oil equivalent per day.
- ConocoPhillips said it was evaluating a potential sale of its Norway business and the Teesside asset in the UK after receiving an unsolicited offer, without identifying the bidder or disclosing financial details.
ConocoPhillips on November 5 raised its quarterly dividend by 11% and beat Wall Street estimates for third-quarter adjusted profit, as stronger commodity prices and cost-cutting measures helped offset a decline in output.
The largest US independent oil and gas producer reported adjusted profit of $3.27 per share for the three months ended September 30, against an average estimate of $2.97 per share compiled by LSEG. It raised its quarterly ordinary dividend to 93 cents per share from 84 cents a year earlier, effective with its fourth-quarter payout due on December 1.
The company's average realized price was $61.40 per barrel of oil equivalent for the quarter, 32% higher than a year earlier. Production was 2.3 million barrels of oil equivalent per day, compared with 2.4 million a year earlier. ConocoPhillips forecast fourth-quarter production between 2.32 million and 2.36 million barrels of oil equivalent per day.
Benchmark Brent crude averaged about $89.27 per barrel during the July-to-September period, up more than 31% from a year earlier, which the report attributed to geopolitical tensions in the Middle East that raised concerns about global oil supplies.
ConocoPhillips also said it was evaluating a potential sale of its Norway business and the Teesside asset in the UK after receiving an unsolicited offer, although it did not identify the bidder or disclose financial details. Last year, the company said it would cut 20% to 25% of its workforce to streamline operations and reduce costs following its acquisition of Marathon Oil. In October, it informed employees and contractors in Canada of workforce reductions.