ConocoPhillips expects that its crude oil and natural gas production of the third quarter will be below....
US oil company ConocoPhillips expects that its crude oil and natural gas production of the third quarter will be about 7 percent below second-quarter level.
The Houston-based integrated oil said scheduled maintenance in the North Sea and Alaska more than offset increased output from the Timor Sea.
ConocoPhillips said it also expects to report lower refining margins, and a higher capacity utilization rate.
The company's debt balance is projected to be $15.5 billion at the end of the third quarter, and the cash balance is anticipated to rise to $3 billion from $804 million in the second quarter.
Analysts polled by Thomson/First Call expect the company to report earnings-per-share of $2.59, up from $1.82 in the year-ago period. ConocoPhillips is set to announce its quarterly results on Oct. 27.
