ConocoPhillips (NYSE:COP) has reported a positive third quarter thanks in part to better crude prices.
At 1.2mln barrels per day the big oil firm saw production growth of 1.4%, compared to the comparative period of last year, and despite the negative impact of Hurricane Harvey it has maintained full year production guidance of 1.19mln to 1.23mln boepd.
It reported US$420mln of third quarter earnings, a notable improvement on the US$1.94bn loss for the comparative period of 2016.
The company has also downgraded it capital spending expectations down to US$4.5bn, and said it expects to lower debt to below US$20bn by the end of the year.
In pre-market deals, ConocoPhillips stock was 0.88% higher at US$50.40.