Profits rise as crude prices creep upwards
U.S. oil producer ConocoPhillips posted a bigger-than-expected quarterly profit on Thursday, on rising crude prices CLc1 and cost cuts.
According to Reuters, Conoco – like many of its peers – has seen results steadily improve in recent quarters alongside commodity prices and as better technology makes operations more efficient.
The company’s stock has also risen as it has prioritized shareholder returns over production increases, an approach increasingly favored by Wall Street.
Conoco reported a profit of US $888 million, or 75 cents per share, in the first quarter, compared with US $586 million, or 47 cents per share, in the year-ago quarter.