ConocoPhillips beats Q2 profit

NEW YORK, Aug 01 (Reuters): US oil and gas producer ConocoPhillips posted a second-quarter profit that beat Wall Street estimates on Thursday, benefiting from higher output and oil prices.

The beat comes as ConocoPhillips is pursuing a $22.5 billion takeover of Marathon Oil, one of the largest deals of the quarter that is currently under review by the Federal Trade Commission.

The combination would create a company pumping 2.26 million barrels of oil and gas per day, and add 1.32 billion barrels of proved reserves to ConocoPhillips' 6.8 billion.

However, ConocoPhillips' third-quarter production is expected to be lower than that in the second quarter due to the impact of planned turnarounds in Canada, Lower 48, Alaska, Norway, Malaysia and Qatar.