ConocoPhillips (COP) - Get Report shares were falling in trading Tuesday after the company topped analysts' third-quarter earnings and revenue estimates as U.S. production rose 21% in the quarter. 

The company reported third-quarter earnings of $3.1 billion, or 82 cents a share. The company did not provide a revenue figure in the release. Analysts were expecting the company to report earnings of 72 cents.

"This business is all about having a sustainable strategy with consistent execution. We believe ConocoPhillips offers both - a shareholder-friendly, returns-oriented value proposition and strong delivery on our commitments," said CEO Ryan Lance. 

The company reported that total production, excluding Libya, rose 98,000 barrels per day to 1.322 million barrels per day thanks in part to increased production at the Eagle Ford, Bakken and Permian basins. 

For the fourth quarter, the company expects production to range between 1,265 million barrels and 1,305 million barrels per day. 

Real Money contributor Stephen "Sarge" Guilfoyle told TheStreet that he is "not afraid to be long the space."

"Investors must understand the beast. I am not involved in COP, but I remain long (BP) - Get Report (RDS.A) , and (CVX) - Get Report on the exploration / production side as well as (SLB) - Get Report on the services side," Sarge said. "These are revenue plays, and may (already have) required traders (this trader) to manipulate net basis through the use of options sales (both put and calls) in order to keep the trades profitable. This is no "set it and forget it", you have to actively manage the capital."

ConocoPhillips shares were falling 2.2% to $54.51 a share in trading Tuesday.