AGL 38.54 Increased By ▲ 0.97 (2.58%)
AIRLINK 129.50 Decreased By ▼ -3.00 (-2.26%)
BOP 5.61 Decreased By ▼ -0.03 (-0.53%)
CNERGY 3.86 Increased By ▲ 0.09 (2.39%)
DCL 8.73 Decreased By ▼ -0.14 (-1.58%)
DFML 41.76 Increased By ▲ 0.76 (1.85%)
DGKC 88.30 Decreased By ▼ -1.86 (-2.06%)
FCCL 35.00 Decreased By ▼ -0.08 (-0.23%)
FFBL 67.35 Increased By ▲ 0.85 (1.28%)
FFL 10.61 Increased By ▲ 0.46 (4.53%)
HUBC 108.76 Increased By ▲ 2.36 (2.22%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.75 Decreased By ▼ -0.11 (-2.26%)
KOSM 6.95 Increased By ▲ 0.10 (1.46%)
MLCF 41.65 Decreased By ▼ -0.15 (-0.36%)
NBP 59.60 Increased By ▲ 1.02 (1.74%)
OGDC 183.00 Increased By ▲ 1.75 (0.97%)
PAEL 26.25 Increased By ▲ 0.55 (2.14%)
PIBTL 5.97 Increased By ▲ 0.14 (2.4%)
PPL 146.70 Decreased By ▼ -1.70 (-1.15%)
PRL 23.61 Increased By ▲ 0.39 (1.68%)
PTC 16.56 Increased By ▲ 1.32 (8.66%)
SEARL 68.30 Decreased By ▼ -0.49 (-0.71%)
TELE 7.23 Decreased By ▼ -0.01 (-0.14%)
TOMCL 35.95 Decreased By ▼ -0.05 (-0.14%)
TPLP 7.85 Increased By ▲ 0.45 (6.08%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.45 Decreased By ▼ -0.40 (-0.79%)
UNITY 26.75 Increased By ▲ 0.35 (1.33%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 9,806 Increased By 37.8 (0.39%)
BR30 29,678 Increased By 278.1 (0.95%)
KSE100 92,304 Increased By 366.3 (0.4%)
KSE30 28,840 Increased By 96.6 (0.34%)
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

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.