UPDATE: ConocoPhillips Q2 Earnings Edge Higher

ConocoPhillips

reported slightly higher profit for the second quarter. The Houston, Texas-based company posted a quarterly profit of $2.08 billion, or $1.67 per share, versus $2.05 billion, or $1.65 per share, in the year-ago period. Excluding non-recurring items, its earnings surged to $1.61 per share from $1.41 per share. Analysts were expecting a profit of $1.60 per share. The company's oil and natural gas output from continuing operations climbed by 95 million barrels oil equivalent per day to 1,556 million boed. ConocoPhillips projects to achieve its volume and margin growth guidance of 3% to 5% in 2014. Ryan Lance, chairman and CEO said, “Operational and financial performance was very strong in the second quarter.” ConocoPhillips shares gained 0.21% to $84.81 in after-hours trading.