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Oando Deal Helps Drive Up Conoco Phillips 3rd-qtr Profits

Nairametrics by Nairametrics
October 30, 2014
in Uncategorized
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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.

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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.

Source Reuters

Tags: News Review
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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