ConocoPhillips beats third-quarter profit estimates on higher output

(Reuters) -ConocoPhillips posted a third-quarter profit that beat Wall Street estimates on Thursday, as the U.S. shale producer benefited from higher output, and raised quarterly dividend by 14%.

Benchmark averaged $85.67 a barrel in the first three months of 2023, nearly 13% lower than last year, but still well above the levels that allow oil and gas producers to drill profitably.

Crude prices had surged to multi-year highs last year after Russia’s invasion of Ukraine upended global energy markets.

ConocoPhillips (NYSE:) said production for the third quarter was 1.806 million barrels of oil equivalent per day (boepd), an increase of 52 thousand (boepd) from the same period a year earlier.

Excluding items, the company reported a profit of $2.16 per share for the three months ended Sept. 30, compared with analysts’ average estimate of $2.08 per share, according to LSEG data.

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