Energy exploration company ConocoPhillips (NYSE: COP) on Thursday reported a sharp fall in profit and revenues for the third quarter of 2023.
Net income, adjusted for special items, decreased 40% year-over-year to $2.16 per share in the three-month period. The reported profit was $2.80 billion or $2.32 per share in Q3, compared to $4.53 billion or $3.55 per share in the third quarter of 2022.
The bottom line was negatively impacted by a 31% fall in revenues and other income to $14.87 billion. At 1,806 MBOED, total production was up 3%.