Lower prices and higher costs bad news for ConocoPhillips

摘要

PROFIT sank for ConocoPhillips in the third quarter as lower oil and gas prices together with higher exploration costs offset a marginal increase in output, writes Steve Marshall. The US independent reported an adjusted net profit, excluding special items, of $914 million, down from $1.6 billion in the same period of 2018, even as its top-line earnings swelled to $3.1 billion from $1.9 billion a year earlier, largely due to a $2.2 billion gain from the sale of UK assets.