ConocoPhillips Q3 Adj. Profit Beats View - Quick Facts

(RTTNews) - ConocoPhillips (COP) on Tuesday reported third-quarter 2019 earnings of $3.06 billion or $2.74 per share, up from $1.86 billion or $1.59 per share in the year-ago period.

Excluding special items, adjusted earnings for the quarter were $0.91 billion or $0.82 per share, compared with $1.60 billion or $1.36 per share a year ago.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.75 per share for the quarter. Analysts' estimates typically exclude special items.

Production excluding Libya for the third quarter was 1,322 thousand barrels of oil equivalent per day or MBOED, a 98 MBOED increase over the same period a year ago.

Adjusting for closed dispositions and acquisitions, underlying production increased 83 MBOED primarily due to production growth from the Big 3 unconventionals, development programs and major projects in Alaska, Europe and Asia Pacific.

Looking ahead, the company expects fourth-quarter 2019 production to be 1,265 to 1,305 MBOED.

The guidance excludes Libya and reflects the impacts from the completed U.K. divestiture. All other guidance items are unchanged.