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
Devon Energy Expands Williston Footprint With $5B Grayson Mill Deal
2024-07-08 - Oklahoma City-based Devon Energy is growing its Williston Basin footprint with a $5 billion cash-and-stock acquisition from Grayson Mill Energy, an EnCap portfolio company.
Crackin’ It at Kraken: Inside the Bakken’s Ramped-up Private E&P
2024-07-24 - Kayne Anderson-backed Kraken Resources is producing more than 80,000 boe/d today and has a new Fitch Ratings credit score to take to the M&A bank.
E&P Highlights: Aug. 12, 2024
2024-08-12 - Here’s a roundup of the latest E&P headlines, with a major project starting production in the Gulf of Mexico and the latest BLM proposal for oil and gas leases in North Dakota.
OPEC Gets Updated Plans From Iraq, Kazakhstan on Overproduction Compensation
2024-08-22 - OPEC and other producers including Russia, known as OPEC+, have implemented a series of output cuts since late 2022 to support the market.
US Rig Count Makes Biggest Monthly Jump Since November 2022
2024-07-26 - The oil and gas rig count, an early indicator of future output, rose by three to 589 in the week to July 26.