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

To contact the editor responsible for this story: Susan Warren at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.