CONOCOPHILLIPS INCREASED QUARTERLY NET PROFITS SEVEN TIMES

 

In the second quarter of 2021, the American oil company ConocoPhillips increased its net profit sevenfold, to $ 2.1 billion, or $ 1.55 per share, against $ 300 million, or $ 0.24 per share, in the same period last year.

 

Profit excluding one-off factors was $ 1.27 per share and significantly exceeded the average forecast of experts surveyed by FactSet for this indicator of $ 1.10 per share. The profit became the maximum in almost three years.

 

The company did not report on revenue for the quarter.

 

Production in April-June excluding Libya amounted to 1.547 million barrels of oil equivalent, an increase of 566 million over the same period a year earlier. The company expects production in the third quarter of this year to reach 1.48-1.52 million barrels of oil equivalent per day.

 

The average selling price of hydrocarbons in the last quarter was $ 50.03 per barrel of oil equivalent compared to $ 23.09 in the same period a year earlier. The indicator jumped 117%.

 

 

 

 

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