NEW YORK (MarketWatch) - ConocoPhillips reported its third-quarter profit rose to $2.48 billion, or $2.00 a share, from $1.80 billion, or $1.46 a share, a year earlier. Adjusted for asset sales and other items, the oil company earned $1.82 billion, or $1.47 a share, up from $1.70 billion, or $1.38 a share a year earlier, the company said Thursday. Analysts had expected earnings of $1.46 a share, according to FactSet. The company said it met production targets in the third-quarter, but trimmed its fourth-quarter production outlook based on disruptions in Libya by 50 million barrels oil equivalent per day
(Reuters) - ConocoPhillips (COP) expects about $8.9 billion in proceeds from the sale of assets in Kazakhstan, Algeria and Nigeria and reported a better-than-expected quarterly profit due to higher oil and gas prices.
ConocoPhillips and other U.S. oil companies are selling assets abroad to cut exposure to political risk and conflict, focusing instead on the domestic shale boom and more profitable oilfields at home.
The main black spot cited by ConocoPhillips in its third-quarter results on Thursday was disruption in Libya, which led the company to reduce its full-year production forecast.
The company said it expects full-year production from continuing operations to be in a range of 1.505 million to 1.515 million barrels of oil equivalent (boe) per day.
It had earlier forecast output in 2013 to be 1.515 million to 1.530 million boe per day.