ConocoPhillips beats 3Q forecasts as it cuts costs
NEW YORK (AP) — ConocoPhillips swung to a third-quarter profit and topped Wall Street expectations as it continues to cut costs.
The outlook for commodity prices is improving, but the company plans to continue cutting costs during the year. Costs fell 20 percent to $8.17 billion, compared with a year ago. Overall, the energy company plans to cut its capital budget by 10 percent in 2017.
The company earned $420 million, or 34 cents per share, after reporting a loss in the same period a year earlier. Earnings, adjusted for non-recurring gains, were 16 cents per share, which was 7 cents better than Wall Street had expected, according to a survey by Zacks Investment Research.
Revenue jumped 9.4 percent to $7.2 billion, also beating Street forecasts. Four analysts surveyed by Zacks expected $6.55 billion.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on COP at https://www.zacks.com/ap/COP