October 25, 2018 / 11:15 AM / 19 days ago

ConocoPhillips reports fourfold rise in profit on higher oil prices

Oct 25 (Reuters) - U.S. oil and gas producer ConcoPhillips reported a more than fourfold jump in quarterly profit on Thursday, benefiting from a recovery in oil prices and a gain of $345 million related to a settlement agreement with Venezuela’s PDVSA.

The world’s largest independent oil and gas producer said net income rose to $1.9 billion, or $1.59 per share, in the third-quarter ended Sept. 30, from $420 million, or 34 cents per share, a year earlier.

The company’s global output, excluding Libya, rose 22,000 barrels of oil equivalent per day (boe/d) to 1.22 million boe/d. (Reporting by John Benny in Bengaluru; Editing by Arun Koyyur)

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