ConocoPhillips beats second-quarter profit estimates
ConocoPhillips surpassed Wall Street expectations for the second quarter profit on Thursday as an increase in production helped the oil-and-gas producer offset a blow from low crude prices.
Brent crude prices were on average nearly 20% lower than a year ago in the second quarter, due to U.S. tariffs on imports, weak economic indicators globally and increased production from OPEC+.
Geopolitical tensions impacted sentiment as well. After Israel's attack on Iranian nuclear sites in June, prices briefly climbed above $80 per barrel. However, they fell to $67 at the end of the third quarter due to a fading demand and risk premium.
The second quarter production was 2.39 million barrels equivalent to oil per day (boepd), up 446,000 boepd compared to the same period last year.
The average total realized price of the company was $45.77 per equivalent barrel of oil, which is 19% less than it was a year ago.
According to LSEG, ConocoPhillips' adjusted profit per share was $1.42, compared to the analysts' average estimate for $1.38. (Reporting by Arunima Kumar in Bengaluru; Editing by Anil D'Silva)
(source: Reuters)
