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ConocoPhillips recorded a smaller quarterly profit in 3Q 2019 due to lower oil prices

ConocoPhillips recorded a smaller quarterly profit in 3Q 2019 due to lower oil prices

Houston, Ocober 30 - Neftegaz.RU. ConocoPhillips reported 3rd-quarter 2019 earnings of $3.1 billion, compared with 3rd-quarter 2018 earnings of $1.9 billion.

Excluding special items, 3rd-quarter 2019 adjusted earnings were $0.9 billion, compared with 3rd-quarter 2018 adjusted earnings of $1.6 billion. Special items for the current quarter were primarily due to a gain realized on the completed UK divestiture.

ConocoPhillips last April entered into an agreement to sell 2 of its UK subsidiaries to Chrysaor for $2.675 billion, plus interest and customary adjustments. The transaction was completed at the end of September. Earnings increased compared with 3rd-quarter 2018 primarily due to the gain from the UK divestiture, partially offset by lower realized prices.

Excluding special items, adjusted earnings were lower compared with 3rd-quarter 2018 due to lower realized prices and higher exploration expenses from increased dry hole costs, partially offset by higher volumes.

The company’s total realized price was $47 per barrel of oil equivalent (BOE), 18 % lower than the $57.71 per BOE realized in the 3rd quarter of 2018, reflecting lower market prices.

Production excluding Libya for the 3rd quarter of 2019 was 1,322 thousand barrels of oil equivalent per day (MBOED), a 98 MBOED increase over the same period a year ago.

Adjusting for closed dispositions and acquisitions, underlying production increased 83 MBOED primarily due to production growth from the Big 3 unconventionals, development programs, and major projects in Alaska, Europe, and Asia Pacific. This growth more than offset normal field decline. Production from Libya averaged 44 MBOED.

ConocoPhillips’ 4th-quarter 2019 production is expected to be 1,265 to 1,305 MBOED. The guidance excludes Libya and reflects the impacts from the completed UK divestiture.