ConocoPhillips 3Q Profit Edged Up

According to reports, ConocoPhillips on posted a 2 percent rise in third-quarter profit on increased production and slightly higher sales. The company posted net income of $3.88 billion compared with $3.80 billion a year ago. Per-share results fell to $2.31 from $2.68, however, as the number shares outstanding increased to 1.68 billion from 1.42 billion. The recent quarter included 37 cents in charges related to unfavorable tax changes in the U.K., impairment on certain refining and marketing assets held for sale and the costs of new Alaska tax laws, partially offset by an insurance gain. Total revenue rose to $49.9 billion from $49.66 billion a year earlier. The company said daily production averaged 2.04 million barrels of oil equivalent per day, up from 1.52 million a year ago, driven by the addition of assets from Burlington Resources and production from Libya, partially offset by lower production from the Alaskan Prudhoe Bay field. The company's investment in Russia's Lukoil produced 440,000 barrels of oil equivalent per day. ConocoPhillips shares rose 71 cents to $62.11 in morning trading on the New York Stock Exchange.