AVN 67.75 Decreased By ▼ -0.73 (-1.07%)
BAFL 30.82 Decreased By ▼ -0.18 (-0.58%)
BOP 4.84 Decreased By ▼ -0.07 (-1.43%)
CNERGY 3.75 No Change ▼ 0.00 (0%)
DFML 14.05 Decreased By ▼ -0.18 (-1.26%)
DGKC 41.04 Decreased By ▼ -0.60 (-1.44%)
EPCL 47.21 Increased By ▲ 1.84 (4.06%)
FCCL 11.58 Decreased By ▼ -0.13 (-1.11%)
FFL 5.11 Increased By ▲ 0.01 (0.2%)
FLYNG 5.95 Increased By ▲ 0.10 (1.71%)
GGL 11.17 Increased By ▲ 0.76 (7.3%)
HUBC 67.68 Decreased By ▼ -0.82 (-1.2%)
HUMNL 5.71 Decreased By ▼ -0.04 (-0.7%)
KAPCO 28.03 Decreased By ▼ -0.19 (-0.67%)
KEL 2.28 Increased By ▲ 0.02 (0.88%)
LOTCHEM 26.25 Increased By ▲ 1.15 (4.58%)
MLCF 21.58 No Change ▼ 0.00 (0%)
NETSOL 86.53 Decreased By ▼ -1.82 (-2.06%)
OGDC 99.78 Increased By ▲ 0.48 (0.48%)
PAEL 11.08 Decreased By ▼ -0.03 (-0.27%)
PIBTL 4.23 No Change ▼ 0.00 (0%)
PPL 80.05 Decreased By ▼ -2.40 (-2.91%)
PRL 13.26 Decreased By ▼ -0.08 (-0.6%)
SILK 0.90 No Change ▼ 0.00 (0%)
SNGP 43.75 Decreased By ▼ -0.63 (-1.42%)
TELE 6.08 Decreased By ▼ -0.10 (-1.62%)
TPLP 15.88 Increased By ▲ 0.07 (0.44%)
TRG 121.33 Increased By ▲ 1.58 (1.32%)
UNITY 14.04 Decreased By ▼ -0.06 (-0.43%)
WTL 1.31 Increased By ▲ 0.05 (3.97%)
BR100 4,181 Increased By 9.7 (0.23%)
BR30 15,270 Increased By 16.5 (0.11%)
KSE100 41,723 Increased By 200.6 (0.48%)
KSE30 15,746 Increased By 83 (0.53%)
Business & Finance

ConocoPhillips profit tops as travel demand boosts oil prices

  • Conoco said its total average realized price was $45.36 per barrel of oil equivalent in the quarter, much higher than the $33.21 it earned in the last three months of 2020.
  • The company also outlined a plan to cut its gross debt by $5 billion over the next five years and its intention to exit its 10% stake in Canadian producer Cenovus Energy Inc by the fourth quarter of 2022.
Published May 4, 2021
Follow us

ConocoPhillips reported first-quarter profit that beat Wall Street expectations on Tuesday as vaccines-led return of travel demand and a winter storm that swept parts of the United States in February boosted prices for oil and gas.

Higher crude prices and deep cost cuts implemented last year at the peak of a downturn are helping US oil and gas companies including top producer Exxon Mobil Corp, deliver improved first-quarter profit.

Conoco said its total average realized price was $45.36 per barrel of oil equivalent in the quarter, much higher than the $33.21 it earned in the last three months of 2020.

The company also outlined a plan to cut its gross debt by $5 billion over the next five years and its intention to exit its 10% stake in Canadian producer Cenovus Energy Inc by the fourth quarter of 2022.

Conoco became one of Cenovus' largest shareholders in 2017 when it accepted 208 million shares of the Canadian producer as part of the payment for some of its Canadian assets. As of Monday's close, the stake would be worth C$2.06 billion ($1.67 billion).

Conoco's total output, excluding Libya, was 1.49 million barrels of oil equivalent per day (boepd), compared with 1.14 million boepd in the fourth quarter.

Its adjusted profit of 69 cents per share was well above analysts' average estimate of 51 cents, according to Refinitiv IBES data.

Shares of ConocoPhillips were up 2.4% at $54 in premarket trading.

Comments

Comments are closed.

ConocoPhillips profit tops as travel demand boosts oil prices

Rupee up 1.08%, settles at 273.33 against US dollar

OGRA calls for action against hoarders of petrol, diesel in Punjab

PL on POL products target: IMF-govt talks hamstrung by disconnect

ECP should announce election schedule for KP, Punjab: President Alvi

More survivors found as Turkiye-Syria quake toll tops 11,200

Pak Suzuki announces plant shutdown yet again due to inventory shortage

MCB’s profit up 10% in 2022, forex income jumps 149%

PM Shehbaz forms committee to make Special Technology Zones Authority functional

LHC suspends ECP's order de-notifying 43 PTI MNAs

Pakistan navy to host 50 nations in maritime exercises from Feb 10