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Over the last several years, Conoco has shed
lower-margin assets, directing more capital to projects like
shale drilling in the United States that offer higher returns
and higher production growth.
Profit rose to $2.7 billion, or $2.17 per share, from $2.5
billion, or $2.00 per share, in the 2013 third quarter.
Excluding items such as the proceeds from the sale of its
Nigerian business in July and a tax benefit, Conoco had a profit
of $1.29 per share. Analysts, on average, expected $1.20,
according to Thomson Reuters I/B/E/S. The proceeds from the
Nigerian sale were $1.4 billion.
Even as crude prices have fallen more than 20 percent in recent
weeks on increased supply and waning demand, Conoco's chief
executive officer expressed optimism about next year.
"We expect strong growth in 2015 driven by ongoing success in
the North American unconventionals and startup of several major
projects, including Surmont 2 and APLNG." CEO Ryan Lance said in
statement.
Surmont is an oil sands project in Canada and APLNG is a
liquefied natural gas project in Australia. Unconventional
drilling refers to shale drilling.
Conoco said its total realized oil price was $64.78 in the third
quarter, down from $69.68 a year earlier.
ConocoPhillips had third-quarter oil and gas production from
continuing operations, excluding Libya, of 1.473 million barrels
oil equivalent per day (boed), up 25,000 boed from a year ago.
For the full year, Conoco forecast production from continuing
operations to rise to 1.525 million boed to 1.535 million boed,
excluding Libya.
(Reporting by Anna Driver in Houston; Editing by W Simon and JS
Benkoe)
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