ConocoPhillips Q3 Profit Down, Adj. EPS Beats View; Lifts FY23 Production Guidance

(RTTNews) - ConocoPhillips (COP) Thursday reported third-quarter earnings of $2.8 billion or $2.32 per share, lower than last year's earnings of $4.5 billion or $3.55 per share.

Adjusted earnings were $2.6 billion, or $2.16 per share, compared with adjusted earnings of $4.6 billion, or $3.60 per share a year ago.

Analysts on average expect the company to report earnings of $1.97 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Production for the third quarter of 2023 was 1,806 MBOED, an increase of 52 MBOED from the same period a year ago.

Looking ahead, fourth-quarter 2023 production is expected to be 1.86 to 1.90 million barrels of oil equivalent per day or MMBOED.

Full-year production is now expected to be approximately 1.82 MMBOED, as compared to prior guidance of 1.80 to 1.81 MMBOED, due to the Surmont acquisition.

Further, the company increased the quarterly ordinary dividend by 14 percent to $0.58 per share.

The dividend is payable on December 1, 2023, to stockholders of record at the close of business on November 14, 2023.

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