Conoco 3rd quarter down 71% from ’08

ConocoPhillips reported Oct. 28 that it had third-quarter earnings of $1.5 billion or $1 per share, a decrease of 71 percent compared to the same period in 2008, when earnings were $5.2 billion or $3.39 per share.

The company said production was up more than 5 percent year-to-date, with international crude oil projects adding some 130,000 barrels of oil equivalent per day.

The company’s third-quarter net earnings from exploration and production were $978 million, compared to $3.928 billion for the same quarter in 2008. Net E&P earnings year-to-date are $2.403 billion compared to $10.814 billion for the same period in 2008.

ConocoPhillips breaks out Alaska in its U.S. E&P net income figures.

The company showed net E&P income of $356 million in Alaska for the quarter, down from $556 million for the third quarter of 2008.

ConocoPhillips’ U.S. E&P net income for the quarter was $327 million, down from $1.606 billion in the third quarter of 2008. The company had a loss of $29 million in the Lower 48 for the third quarter, compared with income of $1.05 billion in the third quarter of 2008.

Year-to-date figures for Alaska show net income of $1.004 billion; the Lower 48 had a year-to-date net loss of $168 million.

Alaska crude oil and condensate production averaged 218,000 barrels per day; volumes were the same in the third quarter of 2008.

The average realized price for crude oil on the North Slope was $61.80 per barrel compared to $115.11 per barrel in the third quarter of 2008; the year-to-date realized average North Slope price is $47.95, compared to $92.73 for all of 2008.

On the West Coast the average realized price for Alaska North Slope crude oil was $67.91 per barrel compared to $121.51 per barrel in the third quarter of 2008.

—Kristen Nelson