ConocoPhillips reported increased third quarter 2019 earnings as well as earnings for the first nine months of the year. Third quarter earnings were $3.1 billion or $2.74 a share compared with third-quarter 2018 earnings of $1.9 billion or $1.59 a share.
Excluding special items, the company’s third-quarter 2019 adjusted earnings were $0.9 billion or 82 cents a share, down from the $1.6 billion and $1.36 a share reported a year ago.
ConocoPhillips’ nine-month 2019 earnings were $6.5 billion, or $5.72 per share, compared with nine-month 2018 earnings of $4.4 billion, or $3.72 per share. Nine-month 2019 adjusted earnings were $3.2 billion, or $2.83 per share, compared with nine-month 2018 adjusted earnings of $4.0 billion, or $3.41 per share.
The company reported that its operating activities generated $2.3 billion cash while Lower 48 Big 3 unconventional production increased 21 percent year-over-year. In the third quarter, ConocoPhillips completed its U.K. divestiture that generated $2.2 billion in proceeds.
“This business is all about having a sustainable strategy with consistent execution,” said Ryan Lance, chairman and chief executive officer. “This quarter extends our successful track record of performance since we reset our value proposition in 2016.”
He said the company will present a 10-year capital and financial plan at the firm’s Analyst and Investor Meeting.
Production excluding Libya for the third 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.
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