ConocoPhillips Q3 Earnings Up - Quick Facts

(RTTNews) - Oil giant ConocoPhillips (COP) reported higher third-quarter 2013 earnings of $2.48 billion, or $2.00 per share, compared with the prior-year figure of $1.8 billion, or $1.46 per share. Excluding special items, adjusted earnings were $1.82 billion, or $1.47 per share in the recent quarter. On average, 22 analysts polled by Thomson Reuters expected earnings per share of $1.45 for the quarter. Analysts' estimates typically exclude one-time items. The company said the special items for the quarter mainly related to the gains from asset sales of the Clyden undeveloped oil sands leasehold in Canada and the Phoenix Park midstream asset in Trinidad and Tobago.

Total revenues and other income advanced to $15.47 billion, from $14.71 billion reported a year back. Four analysts estimated revenues of $14.18 billion for the quarter.

Looking ahead, the company's fourth-quarter production outlook remains unchanged, with the exception of a 50 MBOED reduction for ongoing production disruptions in Libya. Full-year 2013 production from continuing operations is projected to be 1,505 to 1,515 MBOED, and production from discontinued operations is expected to be 35 to 45 MBOED.

The company also plans to dispose of its interest in Kashagan and its Algeria and Nigeria businesses, which are expected to generate proceeds of about $8.9 billion plus customary adjustments.

Separately, ConocoPhillips announced the completion of the transaction with KazMunayGas or KMG for the sale of its 8.4 percent stake in the North Caspian Sea Production Sharing Agreement (Kashagan) for about $5.4 billion.