real-time news and commentary for investors
Thursday, Oct 31
ConocoPhillips profit jumps on asset sale gains, shares +1%
- ConocoPhillips (COP) Q3 earnings rose 38%, boosted by gains from asset sales of the Clyden undeveloped oil sands leasehold in Canada and the Phoenix Park midstream asset in Trinidad and Tobago.
- Total revenue, which includes a $1.07B gain on dispositions, gained 5.1% to $15.47B; sales and other operating revenue fell 3.5% to $13.64B.
- Production from continuing operations was flat Y/Y, as new production from development programs and major projects was offset by normal field decline and disruptions in Libya; COP sees full-year production of 1.505M-1.515M boe/day.
- Says it had closed the sale of its stake in the Kashagan project in Kazakhstan for ~$5.4B; deals to sell holdings in Algeria and Nigeria are expected to generate another ~$3.5B in proceeds.
- Shares +1% premarket.