Posted: Oct 31, 2013 9:18 AMUpdated: Oct 31, 2013 9:18 AM
ConocoPhillips Reports Earnings
ConocoPhillips reported third-quarter 2013 earnings of $2.5 billion, or $2.00 per share, compared with third-quarter 2012 earnings of $1.8 billion, or $1.46 per share. Excluding special items, third-quarter 2013 adjusted earnings were $1.8 billion, or $1.47 per share, compared with third-quarter 2012 adjusted earnings of $1.7 billion, or $1.38 per share. Special items for the current quarter primarily related to gains from asset sales of the Clyden undeveloped oil sands leasehold in Canada and the Phoenix Park midstream asset in Trinidad and Tobago.
ConocoPhillips Chairman and Chief Executive Officer Ryan Lances says the company made significant progress toward positioning itself for 3 to 5 percent growth in volumes and margins. Lance says ConocoPhillips successfully completed its major turnaround activity and has brought two major projects on line, with another three major projects expected to start production in the coming months.
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