ConocoPhillips Q3 earnings rise on higher production
ConocoPhillips (NYSE:COP) +0.8% premarket after reporting Q3 earnings that beat Wall Street estimates and rose 9% Y/Y on increased oil and gas production, despite a drop in selling prices.
Q3 production from continuing operations, excluding Libya, totaled 1.473M boe/day, up 1.7% Y/Y; Eagle Ford and Bakken production jumped by 33%.
COP says its total realized oil price was $64.78 in Q3, down from $69.68 a year earlier.
Reaffirms its outlook for 3%-5% FY 2014 volume growth to 1.525M-1.535M boe/day.
"We expect strong growth in 2015 driven by ongoing success in the North American unconventionals and start-up of several major projects, including Surmont 2 [in Canada] and APLNG" in Australia, CEO Ryan Lance says.
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