ConocoPhillips, the largest U.S. independent oil and gas company, on Thursday reported higher third-quarter profit from the sale of its Nigerian unit but lowered its fourth-quarter production outlook, sending shares down 1.4 percent.
Over the last several years, Conoco has shed lower-margin assets, directing more capital to projects like shale drilling in the United States that offer higher returns and higher production growth.
Profit rose to $2.7 billion, or $2.17 per share, from $2.5 billion, or $2.00 per share, in the 2013 third quarter.
Excluding items such as the proceeds from the sale of its Nigerian business in July and a tax benefit, Conoco had a profit of $1.29 per share. Analysts, on average, expected $1.20, according to Thomson Reuters I/B/E/S. The proceeds from the Nigerian sale were $1.4 billion.