ConocoPhillips Forecasts as Much as 5% Output Growth in 2014

ConocoPhillips (COP), the largest U.S. independent oil and natural gas producer, forecast output will rise as much as 5 percent this year, led by domestic production.

Output will rise to 1.53 million barrels of oil equivalent a day this quarter, excluding Libya, the Houston-based company said today in a statement.

Fourth-quarter adjusted profit exceeded the average of 17 analysts’ estimates compiled by Bloomberg. Net income of $2.5 billion, or $2 a share, was up from $1.4 billion, or $1.16, a year earlier.

ConocoPhillips has been selling and spinning off assets to focus on oil and gas production. It reaped $7 billion from asset sales in the fourth quarter, including its Algerian business and stake in the Kashagan project in Kazakhstan.

The shares fell 0.1 percent to $65.75 at the close in New York. The stock is down 6.9 percent this year.

To contact the reporter on this story: Jim Polson in New York at jpolson@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net

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