ConocoPhillips Rises After Q3 Results

Shares of integrated oil major ConocoPhillips COP are higher in Wednesday's pre-market trading session after the company released its third-quarter earnings results. ConocoPhillips reported that its third-quarter profit fell to $1.8 billion or $1.46 per share, versus $2.6 billion or $1.91 per share, in last year's third-quarter. On an adjusted basis, which is comparable to analysts' consensus, net income was $1.77 billion or $1.44 per share, compared to $1.91 billion or $1.40 per share, in the year ago period. This easily beat Wall Street analysts' consensus EPS estimates of $1.19. Revenues in the period fell to $15.09 billion versus $16.70 billion in last year's third-quarter. Nevertheless, this easily beat consensus revenue forecasts of $11.11 billion. The company said that in the upcoming fourth-quarter it expects production to increase versus Q3. Full-year production is expected to be between 1.57 million and 1.58 million BOE. “We performed well in our first full quarter as an independent E&P company,” said Ryan Lance, Conoco's chairman and chief executive officer. “Our production was on target, our growth projects and drilling programs are on track and our portfolio optimization plans continue to progress. Quarterly production, excluding the impact of dispositions, grew by 40 thousand BOE per day compared to the third quarter of 2011.” In pre-market trading, COP was up a little less than 2 percent to $57.00.