reported third-quarter earnings that easily beat analysts' estimates on the strength of higher oil prices.
The company reported operating earnings of $257 million, or $2.86 a diluted share, in the latest third quarter. Analysts were looking for the company to earn $2.52 a share, according to a
First Call/Thomson Financial
In the year-ago period, the company earned $158 million, or $1.75 a share, including gains on asset sales of $106 million, or $1.17 a share.
Sales and other operating revenue rose to $2.83 billion from $1.80 billion a year ago, mainly because of significantly higher crude oil and refined product selling prices.
The company's average worldwide crude oil selling price in the latest third quarter was about $26 a barrel, an increase of $6 from the same period a year ago.