ConocoPhillips reports lower 3Q profit
ConocoPhillips says its third-quarter profit fell about 14 percent due to unexpected production losses in China and Libya. Conoco has also been selling assets as it reshapes the company.
The Houston oil company on Wednesday reported earnings of $2.62 billion, or $1.91 per share, for the July-September quarter. That compares with $3.06 billion, or $2.05 per share, in the same part of 2010. Excluding special charges, Conoco reported adjusted earnings of $3.45 billion, or $2.52 per share.
Revenue increased 33 percent to $62.78 billion.
Analysts, who usually exclude special charges, expected earnings of $2.16 per share on revenue of $55 billion, according to FactSet.
Shares rose $1.59, about 2 percent, to $72.27 in premarket trading.