ConocoPhillips Beats Profit Estimates and Raises Dividend
ConocoPhillips reported a higher quarterly profit and raised its dividend after benefiting from stronger oil prices. The energy producer also posted lower output and forecast production growth for the fourth quarter.
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ConocoPhillips posted an adjusted third-quarter profit of $3.27 per share, beating the $2.97 average estimate by analysts per LSEG data, and raised its quarterly dividend by 11%. The results reflect stronger commodity prices and cost reductions that offset lower production volumes for the United States independent oil and gas producer. Shares rose 2.3% in morning trading.
