ConocoPhillips Q3 Profits Drop From Lower Oil Prices


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- ConocoPhillips reported on Thursday (11/06) third 
quarter earnings of $1.7 billion, down from the $2.1 billion in the same period 
of last year, due to lower realized prices for oil.

   Total average realized price in the third quarter was $46.44 per barrel of 
oil equivalent, or 14% lower than the $54.18 per BOE realized in the 
corresponding period of last year.

   The negative impact was partially offset by benefits from its Marathon Oil 
acquisition, which it completed last year at a value of $22.5 billion, and 
higher underlying production volumes, ConocoPhillips said.

   In the first nine months of the year, production was 2.393 million barrels 
of oil equivalent per day, an increase of 472,000 boed from the same period a 
year ago. After adjusting for closed acquisitions and dispositions, production 
increased by 92,000 boed, or 4%, year-over-year.

   The company expects to produce around 2.3 to 2.34 million boed in the fourth 
quarter. Full-year production guidance has been raised to 2.375 million boed, 
compared to the prior guidance of 2.35 to 2.37 million boed.




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