HOUSTON (dpa-AFX) - Energy major ConocoPhillips (COP) reported Thursday significantly higher earnings in its third quarter, primarily due to higher prices, partially offset by lower volumes.
Looking ahead for the fourth quarter, production is expected to be 2.32 to 2.36 million barrels of oil equivalent per day, higher than the third quarter.
Full-year capital expenditures and adjusted operating cost guidance remain unchanged.
In the third quarter, net earnings were $4.001 billion or $3.34 per share, higher than last year's $1.726 billion or $1.38 per share.
The results mainly reflected special items primarily reflecting the reversal of a tax reserve.
Adjusted earnings were $3.918 billion or $3.27 per share, compared with $2.007 billion or $1.61 per share a year ago.
Total revenues and other income climbed 29.2 percent to $20.057 billion from $15.522 billion last year.
Production was 2.302 million barrels of oil equivalent per day, a decrease from 2.399 million barrels of oil equivalent per day in the same period a year ago.
After adjusting for closed acquisitions and dispositions, production fell 2 percent.
The company's total average realized price was $61.40 per BOE, 32 percent higher than the $46.44 per BOE realized in the third quarter of 2025.
Further, ConocoPhillips said it has raised its quarterly ordinary dividend by 11 percent to $0.93 per share, effective with the fourth-quarter dividend, payable December 1, to stockholders of record at the close of business on November 16.
In the pre-market activity on the NYSE, the shares were trading 1.80 percent higher at $139.45, after closing Wednesday's regular trading 5.17 percent lower.
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