ConocoPhillips Beats Q2 Profit on Higher Oil Production, Prices

Reuters08-01

Aug 1 (Reuters) - U.S. oil and gas producer ConocoPhillips posted a second-quarter profit that beat Wall Street estimates on Thursday, benefiting from higher output and oil prices.

The beat comes as ConocoPhillips is pursuing a $22.5 billion takeover of Marathon Oil, one of the largest deals of the quarter that is currently under review by the Federal Trade Commission.

The combination would create a company pumping 2.26 million barrels of oil and gas per day, and add 1.32 billion barrels of proved reserves to ConocoPhillips' 6.8 billion.

ConocoPhillips' total average realized prices rose 4% to $56.56 per barrel of oil equivalent (boe) in the reported quarter.

Its production rose to 1.95 million barrels of oil equivalent per day (boepd) from 1.81 million boepd in the year-ago quarter.

The Houston, Texas-based company posted adjusted earnings of $1.98 per share for the quarter ended June 30, compared with analysts' average estimate of $1.96, according to LSEG data.

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