US energy companies ConocoPhillips (NYSE:COP) and Duke Energy Corp (NYSE:DUK) reported mixed earnings on Thursday.
Following in the footsteps of rivals Chevron and Exxon last week, Houston, Texas-based ConocoPhillips (NYSE:COP) saw its quarterly profits hit by lower oil and gas prices.
Its profits decreased from $4.5 billion in the year-ago quarter to $2.8 billion.
Earnings per share (EPS) decreased from $3.55 for the same period in 2022 to $2.32, ahead of Wall Street estimates of $2.04.
Its decline in earnings was due to lower commodity prices, with its total average realized price of $60.05 per barrel of oil equivalent (BOE) 28% lower than its total average realized price of $83.07 per BOE in 3Q 2022.
Revenue of $14.86 billion also missed estimates of $15.32 billion.
However, ConocoPhillips (NYSE:COP) achieved record production of 1.806 million BOE during the quarter, up 52,000 BOE from a year earlier.
It also raised its quarterly dividend by 14% to $0.58, payable on December 1, 2023, to stockholders of record at the close of business on November 14, 2023.
This impressed investors who sent shares of the shale producer up 4.9% to US$122.39 on Thursday afternoon.
On the other hand, North Carolina-based utilities provider Duke Energy, which serves 8.2 million customers across six states, reported an earnings beat.
Duke’s adjusted EPS was $1.94, up from $1.78 in the year-ago quarter and ahead of the Street estimate of $1.92.
The company attributed its increase in earnings to rider chargers, a charge added to utility bills to recover the costs of specific programs, favorable weather, and lower operations and maintenance costs.
The company’s revenue rose from $7.84 billion to $7.99 billion, but this fell short of Street estimates of $8.11 billion.
Duke’s shares rose 0.7% to US$90.14 on Thursday afternoon.
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