ConocoPhillips Profit Boosted by Climbing Oil Prices
By Katherine Hamilton
ConocoPhillips recorded higher profit in the second quarter, driven by a 36% jump in average oil and gas prices.
The oil and natural gas company on Thursday posted a profit of $3.9 billion, or $3.23 a share, compared with $2.0 billion, or $1.56 a share, a year earlier.
Stripping out certain one-time items, adjusted per-share earnings were $3.24, ahead of the $2.90 anticipated by analysts, according to FactSet.
Production for the second quarter was 2.25 million barrels of oil equivalent per day, a decrease of 143,000 barrels from the same period the year before. After adjusting for closed acquisitions and dispositions, production fell by 98,000 barrels or 4%.
Analysts expected production of 2.21 million barrels, according to FactSet.
The higher earnings were primarily driven by higher prices, ConocoPhillips said. The average realized price was $62.33 per barrel of oil equivalent, a 36% increase from the prior year.
ConocoPhillips reaffirmed its full-year outlook. It anticipates third-quarter production will be 2.29 million to 2.32 million barrels of oil equivalent per day, while analysts are projecting 2.31 million.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
August 06, 2026 07:34 ET (11:34 GMT)
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