Independent oil and gas producer ConocoPhillips reported an 11.6% drop in quarterly profit on July 30, as fears of slowing global economy weighed on crude prices.
U.S. light crude prices averaged $59.91 per barrel in the second quarter, 11.8% lower than a year earlier, while Brent crude averaged $68.47 per barrel, 8.7% lower than a year earlier.
That led to a drop in realized prices per barrel for the company, which earned $50.50 for each barrel sold in the latest quarter, compared with $54.32 a year earlier.
ConocoPhillips, the world’s largest independent oil and gas producer, said production, excluding Libya, rose to 1.29 million barrels of oil equivalent per day (boe/d), an increase of 79,000 boe/d from a year earlier.
Adjusted earnings fell to $1.14 billion, or $1.01 per share, in the second quarter ended June 30 from $1.29 billion, or $1.09 per share, a year earlier.
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