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Conocophillips posts quarterly profit on crude price rally -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO. ConocoPhillips’ logo appears on a monitor on the New York Stock Exchange floor (NYSE), New York, U.S.A. January 13, 2020. REUTERS/Brendan McDermid/File Photo

(Reuters) – Conocophillips reported a profit for the third quarter on Tuesday. This was compared to a loss a year ago. The reason is a rise in crude oil prices back to pre-pandemic levels.

Since the start of the year oil prices rose nearly 63%, driven by an increase in demand worldwide and supply bottlenecks. They have reached $86, their highest level in almost three years. Sky-high gasoline prices have been associated with the rally.

Royal Dutch Shell (LON) agreed to purchase the Permian Basin assets of Royal Dutch Shell in September. The company said that its production, including Libya, increased 41.36% to 1.51 million barrels of oil equivalent per day during the third quarter.

Oil and gas prices averaged $56.92 per barrel in quarter one, against $30.94 the previous year.

In the third quarter ending Sept. 30, adjusted earnings were $2.4 billion or $1.77 per share for the Houston-Texas company. This compares to an earlier loss of 331 million or 31 cents per shares a year ago.

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