UPDATE: ConocoPhillips Shares Rise On Upbeat Q3 Earnings

Shares of ConocoPhillips

rose more than 2% in pre-market trading after the company reported better-than-expected third-quarter earnings. The Houston, Texas-based company reported a quarterly profit of $2.7 billion, or $2.17 per share, versus a year-ago profit of $2.5 billion, or $2 per share. Excluding certain items, the company's earnings dropped to $1.29 per share from $1.47 per share. However, analysts were expecting a profit of $1.20 per share. ConocoPhillips' oil and gas production from continuing operations, excluding Libya, gained 25,000 boed year-over-year to 1.473 million barrels oil equivalent per day (boed). Total realized prices slipped 7% to $64.78 per barrel in the quarter. For the full year, ConocoPhillips expects forecast production from continuing operations, excluding Libya, to surge to 1.525 million boed to 1.535 million boed. Ryan Lance, chairman and CEO said, “ConocoPhillips is well positioned in the current environment to deliver 3 to 5 percent volume and margin growth with an attractive dividend. We have completed a significant transformation that provides us with strong base assets and a high-quality inventory of investment opportunities.” ConocoPhillips shares gained 2.25% to $71.80 in pre-market trading.