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The oil and gas producer posted adjusted earnings of $3.24 per share, topping analyst estimates, as average realized prices jumped 36%
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ConocoPhillips $COP disclosed second-quarter net income of $3.9 billion, or $3.23 per share, on Thursday, more than twice the $2.0 billion, or $1.56 per share, the company recorded in the year-earlier period. Stripping out certain items, adjusted earnings came in at $3.24 per share. Analysts had expected $2.88 per share, according to Reuters.
Higher prices drove the earnings gain, the company said. The average realized price for the quarter was $62.33 per barrel of oil equivalent, a 36% increase from the prior year, according to the Wall Street Journal.
