ConocoPhillips Quarterly Profit Higher On Asset Sales


Jan 30 (Reuters) - ConocoPhillips, the largest U.S. oil company without refining operations, on Thursday said its fourth-quarter profit rose with help from the sale of its Algerian business and lower taxes.

Profit in the quarter was $2.5 billion, or $2.00 per share, compared with $1.4 billion, or $1.16 per share, a year earlier.

Excluding items, Houston-based Conoco had a profit of $1.40 per share. Analysts on average had expected a profit of $1.31 per share, according to Thomson Reuters I/B/E/S.

Oil and gas output was 1.518 million barrels oil equivalent per day, down from 1.607 million boepd in the 2012 fourth quarter.

Earlier this month, Conoco said its fourth-quarter production from continuing operations would be lower than expected as severe weather in parts of the United States and the North Sea hampered operations. Fourth quarter production from continuing operations was 1.473 million boepd.

In the current quarter, the company forecast oil and gas output from continuing operations of 1.490 million to 1.530 million boepd.

On a preliminary basis, Conoco's proved reserves rose 3 percent from a year-ago to 8.9 billion barrels of oil equivalent (BOE), up 3 percent from 2012. Proved organic reserve additions are expected to be approximately 1.1 billion BOE for a replacement ratio of 179 percent of 2013 production.

Copyright 2016 Thomson Reuters. Click for Restrictions.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Project Manager
Expertise: Engineering Manager|Project Engineer
Location: Columbia, SC
Project Manager
Expertise: Engineering Manager
Location: Atlanta, GA
Project Manager
Expertise: Engineering Manager|Project Engineer
Location: Raleigh, NC
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours