ConocoPhillips Doubles Profit to $4 Billion, Raises Dividend
ConocoPhillips Doubles Profit to $4 Billion, Raises Dividend Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector.
Her… ConocoPhillips more than doubled its third-quarter profit to $4 billion and raised its quarterly dividend by 11% on Thursday, joining a growing list of oil majors reporting enormous earnings gains as higher crude prices offset production disruptions caused by the Iran war.
The Houston-based producer reported adjusted earnings of $3.27 per share, comfortably beating Wall Street's $2.97 estimate.
Net income jumped from $1.7 billion a year earlier, despite a decline in production.
The company's average realized price climbed 32% year over year to $61.40 per barrel of oil equivalent.
Brent averaged $89.27 during the quarter, more than 31% above year-earlier levels.
Production slipped to 2.3 million barrels of oil equivalent per day from 2.4 million a year earlier.
Although output from Qatar improved during the quarter, it remained below pre-war levels.
ConocoPhillips increased its quarterly dividend from 84 cents to 93 cents per share.
The company returned $3.4 billion to shareholders during the quarter, including $2.4 billion in share repurchases, while generating $7.2 billion in operating cash flow.
The results follow similarly outsized earnings from other oil majors.ExxonMobil reported $15.4 billionin third-quarter profit, more than double the $7.5 billion earned a year earlier.
Chevron's earnings nearly tripled to $9.9 billionfrom $3.5 billion, whileBP reported $4.7 billionin profit attributable to shareholders, compared with $1.2 billion last year.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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