HOUSTON (AP) -- ConocoPhillips on Thursday reported lower second-quarter earnings. But they were higher than analysts' estimates, and the oil company raised its production estimate for the year.
Net income was $2.05 billion, or $1.65 per share, for the quarter that ended June 30. A year earlier it earned $2.27 billion, or $1.80 per share. The year-ago period included a month of revenue from the Phillips 66 gas station business, which ConocoPhillips sold on April 30.
Excluding special items it would have earned $1.75 million, or $1.41 per share, up from $1.5 billion, or $1.19 per share, a year earlier. Analysts surveyed by FactSet expected a profit of $1.29 per share.
Revenue fell 4.7 percent to $14.14 billion.
ConocoPhillips now expects to produce an average of 1.52 million to 1.53 million barrels of oil equivalent per day for the full year. Its previous estimate was 1.49 million to 1.52 million barrels.
The company plans to dispose of its interests in businesses in Algeria and Nigeria and the Kashagan oilfield in the Caspian sea. It said those deals are expected to close by the end of this year and should bring in about $9 billion. It expects total proceeds from selling businesses this year to be $10.5 billion.
Total production from ongoing operations for the quarter was 1.51 million barrels per day, up from 1.49 million barrels a year earlier.
Shares of ConocoPhillips rose $1.14 to $66 in morning trading amid a broad market rally.
Source: http://news.yahoo.com/conocophillips-2q-beats-analysts-estimates-141907631.html
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