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.
ConocoPhillips beats Q2 profit
FE Team | Published: August 01, 2024 23:24:35
ConocoPhillips beats Q2 profit
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