• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Editor's Pick

ConocoPhillips reports Q3 profit beat on higher output, hikes share buyback

by October 31, 2024
written by October 31, 2024

(Reuters) -ConocoPhillips exceeded Wall Street’s third-quarter profit estimates on Thursday as the Texas-based oil and gas producer reaped the benefits of higher production, sending its shares rising 2.6% at $105.5 in premarket trading.

Commodity price volatility has been in focus in the past few months, driven by several factors including the escalating conflict in the Middle East, weak China demand, rate decisions by the U.S. Federal Reserve and OPEC actions.

Benchmark Brent crude averaged $78.3 a barrel in the reported quarter, nearly 9% lower than last year, but still favorable enough for oil and gas producers to drill profitably.

Production for the quarter stood at 1.92 million barrels of oil equivalent per day, up 6% from 1.8 million boepd in the year-ago quarter.

The company increased its existing share repurchase authorization by up to $20 billion and reiterated its $9 billion minimum shareholder return for 2024.

The beat comes as ConocoPhillips (NYSE:COP) is waiting to close its $22.5-billion takeover of rival Marathon Oil (NYSE:MRO). The deal, which was approved by Marathon shareholders in August, is still under U.S. Federal Trade Commission review.

Plans to close the deal this quarter remain on track and the company expects to significantly exceed its initial $500 million synergy forecast, CEO Ryan Lance said.

ConocoPhillips forecast its full-year output to be between 1.94 million and 1.95 million boepd, compared with 1.93 million to 1.94 million previously.

On an adjusted basis, ConocoPhillips reported a profit of $1.78 per share for the three months ended Sept. 30, compared with analysts’ average estimate of $1.64 per share, according to data compiled by LSEG.

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Riding growth wave, most Asian central banks to go slower than Fed on rate cuts: Reuters poll
next post
Earnings call: Meritage Homes reports resilient Q3 despite market challenges

You may also like

China central bank conducts 1.7 trln yuan of...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

ECB president fears loss of central bank independence

January 27, 2025

European tech shares tumble as China’s AI push...

January 27, 2025

Futures slip as investors eye China’s latest AI...

January 27, 2025

Markets may be repeating the mistake of 2019,...

January 27, 2025

How billionaire Caltagirone could influence Italy’s banking M&A...

January 27, 2025

How Italy’s MPS went from near collapse to...

January 27, 2025

Analysis-To weather Trump, emerging market investors look to...

January 27, 2025

Chinese AI startup DeepSeek overtakes ChatGPT on Apple...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • ESPN, Fox to bundle upcoming streaming services for $39.99 a month

      August 12, 2025
    • What Trump’s Nvidia and AMD China deal means for the world

      August 12, 2025
    • A top Federal Reserve official says bleak jobs data backs the case for 3 rate cuts

      August 11, 2025
    • Bed Bath & Beyond relaunches with first store in Nashville, plans dozens more

      August 9, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (595)
    • Stock (6,426)

    Latest News

    • ESPN, Fox to bundle upcoming streaming services for $39.99 a month
    • What Trump’s Nvidia and AMD China deal means for the world

    Popular News

    • Earnings call: Bradesco posts solid growth and targets affluent clients
    • US regional banks capitalize on rising deal fees to counter high deposit costs

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy