said its quarterly profit nearly doubled from last year as it continued to benefit from strong energy prices, despite the problems caused by the hurricanes along the Gulf Coast.
The Houston-based oil company reported third-quarter earnings of $3.8 billion, or $2.68 a share, compared with $2 billion, or $1.43 a share, a year ago. Total revenue jumped to $49.7 billion from $34.7 billion in the year-ago quarter.
Third-quarter profit from continuing operations, on a per-share basis, was the same as net income. The consensus earnings estimate was $2.57, according to Thomson First Call.
"During the quarter, our U.S. Gulf Coast operations were significantly impacted by Hurricanes Katrina, Rita and Dennis," the company said. "Despite these impacts, our overall operating performance for the quarter was good."
ConocoPhillips produced 1.79 million barrels of oil equivalent a day in the quarter, and its worldwide refining crude oil capacity utilization rate was 95%.
The restoration of operations affected by Katrina and Rita are continuing. The company-operated Magnolia field and the Sweeny refinery have returned to normal, and the Lake Charles refinery should resume its customary activities by next week.
Elsewhere, the company-operated Green Canyon and partner-operated Ursa fields remain shut down, while the Alliance refinery is expected to begin partial operation in December and return to normal in early 2006.
ConocoPhillips forecast that production in the fourth quarter will probably increase and said full-year daily BOE production should average about the same as 2004.