ConocoPhillips Earnings More Than Double, Dividend Rises 11%

ConocoPhillips more than doubled its third-quarter adjusted earnings to $3.9 billion as higher oil and gas prices offset lower production, and raised its quarterly dividend by 11%. The company reported the results on November 5, saying adjusted earnings were up from $2 billion a year earlier. The Houston-based producer’s average realized price rose 32% to $61.40 per barrel of oil equivalent. Production averaged about 2.3 million barrels of oil equivalent per day, down 97,000 from the same quarter last year. ConocoPhillips attributed the decline to factors including lower output in the Middle East and higher royalties in Canada, while growth in the Lower 48 partly offset those pressures. The company generated $7.2 billion in cash from operations. It spent $3.1 billion on capital expenditures and investments, repurchased $2.4 billion of shares and paid about $1 billion in ordinary dividends. ConocoPhillips also reported $3.9 billion in adjusted earnings, or $3.27 per share, above the $2.97 average analyst estimate reported by LSEG. The new quarterly ordinary dividend is 93 cents per share, up from 84 cents. Shareholders of record on November 16 are scheduled to receive the...