News wire — Independent oil and gas producer ConocoPhillips reported an 11.6% drop in quarterly profit on Tuesday, hit by weaker crude prices.
Adjusted earnings fell to $1.14 billion, or $1.01 per share, in the second quarter ended June 30 from $1.29 billion, or $1.09 per share, a year earlier.
Total production, excluding Libya, rose to 1.29 million barrels of oil equivalent per day (boepd), an increase of 79,000 boepd from a year earlier.
– Reuters