COP Rises 4% Since Q3 Earnings Beat Driven by Upstream Outperformance

Core Insights - ConocoPhillips (COP) reported better-than-expected third-quarter earnings, leading to a 4.2% increase in its stock price [1][8] - The company's oil-equivalent production exceeded forecasts, primarily driven by strong performance in its upstream operations [1][8] Upstream Business of ConocoPhillips - ConocoPhillips has a significant presence in the United States' upstream oil and natural gas sector, particularly in the Lower 48 regions, which include the Delaware Basin, Midland Basin, and Bakken [2] Q3 Production Performance - Total production averaged 2,399 thousand barrels of oil equivalent per day (MBoe/d), an increase from 1,917 MBoe/d in the same quarter last year, and above the estimate of 2,342.9 MBoe/d [3] - Crude oil production rose to 1,146 thousand barrels per day (MBbls/d) from 957 MBbls/d year-over-year [3] Natural Gas and Other Production Metrics - Natural gas liquids production reached 436 MBbls/d, up from 310 MBbls/d a year ago, while bitumen production increased to 123 MBbls/d from 87 MBbls/d [4] - Natural gas production was 4,167 million cubic feet per day (MMcf/d), higher than the previous year's 3,381 MMcf/d [4] Price Realization Trends - The average realized oil equivalent price fell to $46.44 per barrel from $54.18 a year ago, with the average realized crude oil price decreasing to $66.13 per barrel from $76.77 [5] - The average realized natural gas price was $4.28 per thousand cubic feet, down from $4.42, and natural gas liquids price decreased to $19.20 per barrel from $21.93 [6] Industry Context - Other energy majors, such as Exxon Mobil Corporation (XOM) and Chevron Corporation (CVX), also reported earnings that exceeded expectations during the same earnings season [7]