ConocoPhillips Beats Adjusted Profit Expectations, Despite Lower Energy Prices

   By Micah Maidenberg 
 

ConocoPhillips (COP) beat Wall Street profit targets for the second quarter, though its adjusted earnings were lower than a year ago.

Conoco Tuesday reported a second-quarter profit of $1.6 billion, or $1.40 a share, compared with earnings of $1.6 billion, or $1.39 a share, a year earlier.

The company's adjusted profit of $1.01 a share for the quarter was 8 cents lower than last year but surpassed the $1.04 a share analysts predicted, according to FactSet.

Profit declined due in part to lower realized prices, Conoco said. Prices fell to $50.50 a barrel of oil equivalent, down from $54.32 a barrel a year ago.

Houston-based Conoco has been shifting its portfolio and plans to spend the bulk of its capital budget on projects in the continental U.S. and Alaska this year.

In April, the company reached a deal to exit energy production and exploration in the U.K., agreeing to sell assets in the country's North Sea for about $2.68 billion. It also sold an interest in an oil resource in the Timor Sea earlier this year.

Write to Micah Maidenberg at [e-mail]

(END) Dow Jones Newswires

July 30, 2019 07:30 ET (11:30 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.