Big jump in earnings reported by ConocoPhillips in 3Q

 

ConocoPhillips reported third-quarter 2018 earnings of $1.9 billion or $1.59 a share.

The earnings saw a major improvement over the third-quarter 2017 earnings of $0.4 billion or 34-cents a share.

The adjusted earnings, excluding special items came to $1.6 billion or $1.36 a share compared to $0.2 billion and 16-cents a share for the third quarter 2017.

The company reported the cash from operating activities totaled $3.4 billion and excluding working capital, the cash from operations of $3.5 billion was more than the capital expenditures, dividends and share repurchases by $0.6 billion.

Production in Libya grew by 6 percent overall while the year-over-year production from the Lower 48 Big 3 unconventionals grew by 48 percent.

“We’re delivering another year of strong performance by successfully executing our disciplined, returns-focused plan,” said Ryan Lance, chairman and chief executive officer. “We’ve accomplished many strategic, financial and operational milestones this year, ahead of our original schedule.”

Company production for the quarter, excluding production in Libya was 1,224 thousand barrels of oil equivalent a day which was an increase of 22 MBOED a year ago.

ConocoPhillips also indicated its nine-month 2018 earnings came to $4.4 billion or $3.72 a share up from the $2.4 billion and $1.98 reported a year ago.