ConocoPhillips beat Wall Street estimates for second-quarter adjusted profit on Thursday, as stronger commodity prices and cost-cutting measures helped offset a decline in its output. Shares of the largest U.S. independent oil and gas producer rose 1.2 per cent in premarket trading. Benchmark Brent crude LCOc1 averaged about US$93.58 per barrel during the April-to-June period, up more than 32 per cent from a year earlier, driven by geopolitical tensions in the Middle East that raised concerns about global oil supplies. ConocoPhillips’ production for the reported quarter came in at 2.25 million barrels of oil equivalent per day (boepd), compared with 2.39 million boepd from the same period a year ago. Despite the surge in oil prices, U.S. oil and gas producers with assets in the Middle East experienced some disruptions to operations due to the ongoing Iran war. ConocoPhillips posted an adjusted profit of US$3.24 per share for the quarter ended June 30, compared with analysts’ average estimate of US$2.88 per share, according to data compiled by LSEG. (Reporting by Pooja Menon in Bengaluru; Editing by Shinjini Ganguli)
