Independent oil and gas producer ConocoPhillips reported an 11.6% drop in quarterly profit on July 30, as fears of slowing global economy weighed on crude prices.
U.S. light crude prices averaged $59.91 per barrel in the second quarter, 11.8% lower than a year earlier, while Brent crude averaged $68.47 per barrel, 8.7% lower than a year earlier.
That led to a drop in realized prices per barrel for the company, which earned $50.50 for each barrel sold in the latest quarter, compared with $54.32 a year earlier.
ConocoPhillips, the world’s largest independent oil and gas producer, said production, excluding Libya, rose to 1.29 million barrels of oil equivalent per day (boe/d), an increase of 79,000 boe/d from a year earlier.
Adjusted earnings fell to $1.14 billion, or $1.01 per share, in the second quarter ended June 30 from $1.29 billion, or $1.09 per share, a year earlier.
Recommended Reading
Natural Gas Storage Moves Closer to Average
2024-10-17 - Producers put 76 Bcf of natural gas into U.S. storage—a little less than market expectations—as the traditional storage season nears an end and prices continue to fall.
Marcellus Waiting to Exhale But Held Back by Regional, Economic Factors
2024-11-06 - After years of exploitation as one of the country’s first unconventional shale plays, the Marcellus still has plenty of natural gas for producers, even if regional and economic factors have kept much of it bottled up.
EIA Reports Natural Gas Storage Jumped 58 Bcf
2024-09-19 - The weekly storage report, released Sept. 19, showed a 58 Bcf increase from the week before, missing consensus market expectations of 53 Bcf, according to East Daley Analytics.
EPA Gives OK to Texas GulfLink Deepwater Port
2024-11-04 - Sentinel Midstream’s Texas GulfLink project is one of several proposals for an offshore oil terminal in the Gulf.
Kissler: Wildcards That Could Impact Oil, Gas Prices in 2025
2024-11-26 - Geopolitics and weather top the list of trends that will determine the direction of oil and gas.