Aug 1 ConocoPhillips reported a
better-than-expected profit due to higher oil and gas output and
raised its full-year production forecast.
Output from continuing operations rose to 1.51 million
barrels of oil equivalent (BOE) per day in the second quarter
from 1.49 million a year earlier, the company said on Thursday.
Conoco, which is spending heavily to boost crude production
in the United States, said its output from the Eagle Ford shale
field in Texas almost doubled to 121,000 BOE per day.
Shale basins in North America are a steady source of growth
for oil and gas companies.
Conoco's combined oil and gas production in the Eagle Ford
shale field, the Bakken shale field in North Dakota, and Permian
Basin in Texas rose 47 percent in the second quarter.
The average price was flat at $66.82 per BOE.
Conoco is shifting its focus from low-margin natural gas to
higher priced liquids in North America.
Net income fell 10 percent to $2.05 billion, or $1.65 per
share. The prior year earnings included $500 million from
downstream operations before the spinning off of Phillips 66
in May 2012.
Excluding one-time items, earnings were $1.41 per share,
above the average analyst estimate of $1.29 per share, according
to Thomson Reuters I/B/E/S.
Conoco raised its full-year production outlook from
continuing operations to 1.52-1.53 million BOE per day, from
The Houston-based company's shares were up about 1 percent
at $65.56 before the bell.