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ConocoPhillips Q3 Profit Tops Estimates

ConocoPhillips (COP) said its third quarter earnings and adjusted earnings increased from a year ago due to higher realized prices and volumes, partially offset by higher operating costs associated with the higher volumes. Total average realized price
was $56.92 per BOE, 84% higher than last year.

Production excluding Libya was 1,507 thousand barrels of oil equivalent per day (MBOED), an increase of 441 MBOED from last year. After adjusting for closed acquisitions and dispositions as well as impacts from the 2020 curtailment program, third-quarter production increased 26 MBOED or 2% from prior year.

Excluding special items, third-quarter adjusted earnings were $2.4 billion, or $1.77 per share, compared to an adjusted loss of $0.3 billion, or $0.31 per share, last year. On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $1.50, for the quarter. Analysts' estimates typically exclude special items.

Earnings were $2.4 billion, or $1.78 per share, compared to a loss of $0.5 billion, or $0.42 per share.

Total revenues and other income increased to $11.62 billion from $4.38 billion, previous year. Analysts expected revenue of $10.88 billion, for the quarter.

The company expects fourth-quarter production to be 1.53 to 1.57 MMBOED, excluding Libya as well as impacts from the pending Shell Permian acquisition.

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