Shares of ConocoPhillips (NYSE: COP) trended upwards in pre-market trading on Thursday as the hydrocarbon exploration and production company reported strong Q3 results. The company reported total average realized price of $83.07 per barrel of oil equivalent (BOE), a growth of 46% year-over-year, “as production remains unhedged and thus realizes the full impact of changes in market prices.”
Adjusted earnings came in at $3.60 per share versus $1.77 in the same period last year and beating analysts’ estimates of $3.41.
The company distributed $4.3 billion to its shareholders in Q3 and bumped up its quarterly dividend by 11% to $0.51 per share and raised the existing stock buyback by $20 billion.
Ryan Lance, Chairman, and CEO of ConocoPhillips commented, “Our Lower 48 business unit accomplished record production of more than 1 million barrels of oil equivalent per day. We expanded our global LNG portfolio with opportunities in QatarEnergy’s North Field South LNG project and have agreed to capacity at the prospective German LNG Terminal, enhancing our focus on this valuable energy transition fuel.”
