ConocoPhillips Doubles Profit to $4 Billion, Raises Dividend
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.…
ConocoPhillips reported a more than doubling of its third-quarter profit to $4 billion, with the company raising its quarterly dividend by 11%. The Houston-based producer's adjusted earnings per share reached $3.27, surpassing Wall Street's $2.97 estimate. Despite a decline in production, the company's average realized price of oil equivalent barrels increased by 32% year-over-year to $61.40, driven by a 31% rise in Brent prices.
ConocoPhillips increased its quarterly dividend from 84 cents to 93 cents per share and returned $3.4 billion to shareholders through share repurchases and operating cash flow of $7.2 billion. The company's focus remains on increasing cash flow, with an expected output of 2.32 million to 2.36 million barrels of oil equivalent per day in the fourth quarter.
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