ConocoPhillips 3Q net income rises on asset sales

HOUSTON (AP) -- ConocoPhillips saw its third-quarter profit rise 38 percent, largely due to the sale of assets.

Net income would have risen just 5 percent if not for the sales related to undeveloped oil sands in Canada and a property in Trinidad and Tobago, the company said on Thursday.

Overall production from ongoing operations was flat compared to last year, at 1.47 million barrels of oil a day. Production rose 40 percent in the Eagle Ford and Permian areas in Texas and the Bakken formation in North Dakota.

The company reduced its full-year production estimate to 1.505 million to 1.515 million barrels of oil per day. It had previously said it might produce as much as 1.53 million barrels.

The company earned $2.48 billion, or $2 per share, up from $1.8 billion, or $1.46 per share, during the same period last year.

ConocoPhillips would have earned $1.47 per share if not for the asset sales and other special items. That adjusted profit was a penny better than expected by analysts surveyed by FactSet.

Revenue rose 5 percent to $15.47 billion, from $14.71 billion a year ago.

ConocoPhillips also announced that it has sold its stake in a production agreement near Kazakhstan for $5.4 billion. The company said the proceeds from the sale of the 8.4 percent stake will be used for general corporate purposes, including investments in growth.

Shares of ConocoPhillips rose 37 cents to $73.62 in morning trading.