(Reuters) -ConocoPhillips beat Wall Street estimates for second-quarter profit on Thursday, as a rise in output helped the oil and gas producer offset a hit from weak crude prices.
Brent crude averaged nearly 20% lower in the second quarter from a year earlier, as U.S. import tariffs, weak global economic signals and higher output from OPEC+ weighed on prices.
Geopolitical tensions also pressured sentiment. Prices briefly rose above $80 per barrel in June after Israel struck Iranian nuclear sites, but eased to around $67 by the end of the quarter amid fading risk premiums and demand concerns.
Production in the second quarter came in at 2.39 million barrels of oil equivalent per day (boepd), an increase of 446,000 boepd from the same period a year ago.
The company’s total average realized prices stood at $45.77 per barrel oil equivalent, 19% lower than a year earlier.
On an adjusted basis, ConocoPhillips reported a profit of $1.42 per share for the three months ended June 30, compared with analysts’ average estimate of $1.38, according to data compiled by LSEG.
(Reporting by Arunima Kumar in Bengaluru; Editing by Anil D’Silva)
Comments