Tag: Yahoo Finance

ConocoPhillips profit beats estimates on higher production

The oil and gas producer has been divesting assets to focus on its U.S. shale assets and earlier this month, agreed to sell its northern Australian business to partner Santos Ltd for $1.39 billion. Conoco reported total production, excluding Libya, rose by 98,000 barrels of oil equivalent per day (boe/d) to 1.322 million boe/d, with output from U.S. shale basins including Eagle Ford, Bakken and the Permian up 21% in the quarter. The profit was lifted by a $2.68 billion sale of its U.K. assets to North Sea oil producer Chrysaor that added about $1.57 to per share results....