ConocoPhillips posts bigger profit than expected, raises dividend
(Reuters) -U.S. oil producer ConocoPhillips on Thursday beat Wall Street's estimates for third-quarter profit and raised its quarterly dividend 14%, amid higher prices and production. Shares rose more than 5% on the dividend increase, with the company saying it could sustain the higher level through 2024 depending on oil and gas prices. The cash distribution comes during industry consolidation that has created stronger rivals in U.S. shale, where Conoco is a major player with production of 1.8 million barrels of oil equivalent per day (boepd).
Source: yahoo.com
