ConocoPhillips posted strong Q3 results with $4 billion in profit and an 11% dividend increase, as higher realized prices offset a slight decline in daily production to 2.3 million barrels.
Third-quarter profit more than doubled to $4 billion from $1.7 billion a year earlier, with adjusted earnings of $3.27 per share beating the $2.97 estimate, helped by a 32% rise in realized prices to $61.40 per BOE. The quarterly dividend was raised 11% from 84 to 93 cents and $3.4 billion was returned to shareholders. A slight production decline to 2.3 million BOE per day is the main offset.
It earned $4 billion in net income, more than double the $1.7 billion a year earlier, with adjusted earnings of $3.27 per share beating the $2.97 estimate.
The quarterly dividend was raised from 84 cents to 93 cents per share, an 11% increase.
ConocoPhillips reported a surge in third-quarter net income to $4 billion, more than doubling the $1.7 billion recorded a year earlier. Adjusted earnings of $3.27 per share surpassed analyst expectations of $2.97, driven by a 32% increase in realized oil prices. The company rewarded shareholders with an 11% dividend hike and $3.4 billion in total capital returns.
The company reported $4 billion in net income, more than double the $1.7 billion earned in the same period last year.
ConocoPhillips raised its quarterly dividend by 11%, moving from 84 cents to 93 cents per share.