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.
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