Houston’s ConocoPhillips reported a $1.86 billion profit for the third quarter, that’s up more than four times from the $420 million quarterly gain from a year ago.
The world’s largest independent producer also saw its revenues surge more than 40 percent from last year up to nearly $10.2 billion.
“We’re delivering another year of strong performance by successfully executing our disciplined, returns-focused plan,” said Ryan Lance, chairman and chief executive. “We’ve accomplished many strategic, financial and operational milestones this year, ahead of our original schedule.”
The company is continuing its strategy of keeping costs down and reducing debt while growing its dividend payouts and share buyback programs.
ConocoPhillips is focusing on growth in U.S. shale, particularly in South Texas’ Eagle Ford, West Texas’ Permian Basin and North Dakota’s Bakken shale. Those three regions saw their production grow by nearly 50 percent from a year ago. However, the Permian growth is going slowly because of pipeline shortages in the region.
Part of ConocoPhillips’ profit growth in the quarter came from a $345 million payout from Venezuela, which recently reached a $2 billion settlement with the Houston energy firm from illegal asset seizures more than a decade ago.
ConocoPhillips also eliminated nearly 200 Houston-area jobs in the third-quarter as its consolidates its headquarters into the Energy Center 3 and 4 buildings in the Energy Corridor and eliminates some back-office duplication in the process. Many of those employees took voluntary severance offers, the company said.
This article first appeared on the Houston Chronicle – an Energy Voice content partner. For more from the Houston Chronicle click here.