Higher outputs push ConocoPhillips above estimates

ConocoPhillips

American oil producer, ConocoPhillips beat quarterly profit estimates on Tuesday.

ConocoPhillips said in its latest trading update that the rise in profit due to higher output from its U.S. assets.

Oil producers have benefited from surging crude production in the U.S. shale basins. To focus better on production from the Permian, Eagle Ford and Bakken shale areas in the country, ConocoPhillips has been selling non-core assets.

Total production, excluding Libya, rose by 94,000 barrels of oil equivalent per day (boepd) to 1.32 million boepd in the quarter.

The company said the total realized price per barrel was $50.59 in the quarter, compared with $50.49 per barrel a year earlier, as higher LNG and bitumen prices were largely offset by lower crude, natural gas liquids and natural gas prices.

Adjusted net earnings came in at $1.15 billion, or $1 per share, in the quarter ended March 31, compared with $1.14 billion, or 96 cents per share, a year earlier.

Analysts on average had expected a profit of 90 cents per share, according to IBES data from Refinitiv.