ConocoPhillips beats Q2 profit on higher oil production, prices (updated)

Marathon Oil

01/08/2024 12:07

(Adds details on potential merger in paragraph 2)
       Aug 1 (Reuters) - U.S. oil and gas producer
ConocoPhillips  COP.N  posted a second-quarter profit that beat
Wall Street estimates on Thursday, benefiting from higher output
and oil prices.
    The beat comes as ConocoPhillips is pursuing a $22.5 billion
takeover of Marathon Oil  MRO.N , one of the largest deals of
the quarter that is currently under review by the Federal Trade
Commission. 
    The combination would create a company pumping 2.26 million
barrels of oil and gas per day, and add 1.32 billion barrels of
proved reserves to ConocoPhillips' 6.8 billion.
    ConocoPhillips' total average realized prices rose 4% to
$56.56 per barrel of oil equivalent (boe) in the reported
quarter.
    Its production rose to 1.95 million barrels of oil
equivalent per day (boepd) from 1.81 million boepd in the
year-ago quarter.
    The Houston, Texas-based company posted adjusted earnings of
$1.98 per share for the quarter ended June 30, compared with
analysts' average estimate of $1.96, according to LSEG data.

 (Reporting by Mrinalika Roy in Bengaluru; Editing by Shinjini
Ganguli)
 ((mrinalika.roy@thomsonreuters.com;))