ConocoPhillips profit and production top estimates as oil major raises quarterly dividend by 14%

ConocoPhillips' stock (COP) rose 0.9% in premarket trade Thursday, after the energy giant posted better-than-expected third-quarter profit and said it's raising its quarterly dividend by 14%. The company had net income of $2.8 billion, or $2.32 a share, for the quarter, down from $4.5 billion, or $3.55 a share, in the year-earlier period. Adjusted per-share earnings came to $2.16 a share, ahead of the $2.10 FactSet consensus. The company did not offer a revenue number in its release, but said production was 1,806 million barrels of oil equivalent per day, or MBOED, up 52 MBOED from a year ago. The FactSet consensus was for production of 1,800 MBOED. The company is now expecting fourth-quarter production of 1.86 to 1.90 MBOED, while FactSet is expecting 1.87 MBOED. The company said its raising its quarterly dividend by 14% to 58 cents a share with the new dividend payable Dec. 1 to shareholders of record as of Nov. 14. The stock is down 1.1% in the year to date, while the S&P 500 has gained 10%.

-Ciara Linnane

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11-02-23 0714ET

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