Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

COP Q3 Profit Rises 7%, Capex Jumps 36%

|Includes: ConocoPhillips (COP)

ConocoPhillips reported Q3-2013 net profit of $1.8 billion, up 7% YoY. The figure excludes a gain of $749 million on sale of assets. Production was 1.51 MMBOE/d (65% liquids), marginally lower than in Q3-2012.

Q3-2013 financial highlights:

  • Sales revenue of $13.6 billion, down 4% YoY
  • Capex of $4.4 billion, up 36% YoY; capex on Asia Pacific and Middle East was up 144% YoY to $1.1 billion

Q3-2013 operational highlights:

  • Oil production marginally lower at 571 Mbbl/d
  • Gas production of 676 MBOE/d, down 4% YoY
  • NGL production of 161 Mbbl/d, up 3% YoY
  • Bitumen production of 107 Mbbl/d, up 16% YoY
  • Commenced major projects at Christina Lake Phase E in Jul-2013 and Ekofisk South in Oct-2013, with final preparations underway for full-field startup at Gumusut, Jasmine and Siakap North-Petai
  • Completed sale of Clyden and stake in in Phoenix Park

COP Q2-2013 Profit Falls, But Company Raises 2013 Guidance

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.