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ConocoPhillips swings to quarterly profit as oil prices rise
October 26, 2017 / 11:14 AM / a month ago

ConocoPhillips swings to quarterly profit as oil prices rise

HOUSTON, Oct 26 (Reuters) - ConocoPhillips, the largest U.S. independent oil producer, said on Thursday it swung to a third-quarter profit helped by rising crude prices and cost cuts.

The company also lowered its 2017 capital budget by 10 percent to $4.5 billion.

Conoco posted earnings of $420 million, or 34 cents per share, compared to a loss of $1.04 billion, or 84 cents per share, in the year-ago period. Production fell 23 percent to 1.2 million barrels of oil equivalent per day, due in part to the effects of Hurricane Harvey. (Reporting by Ernest Scheyder)

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