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UPDATE 1-ConocoPhillips adjusted profit falls on lower crude prices

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July 30 (Reuters) - Independent oil and gas producer ConocoPhillips reported an 11.6% drop in quarterly profit on Tuesday, as fears of slowing global economy weighed on crude prices.

U.S. light crude prices averaged $59.91 per barrel in the second quarter, 11.8% lower than a year earlier, while Brent crude averaged $68.47 per barrel, 8.7% lower than a year earlier.

That led to a drop in realized prices per barrel for the company, which earned $50.50 for each barrel sold in the latest quarter, compared with $54.32 a year earlier.

ConocoPhillips, the world's largest independent oil and gas producer, said production, excluding Libya, rose to 1.29 million barrels of oil equivalent per day (boepd), an increase of 79,000 boepd from a year earlier.

Adjusted earnings fell to $1.14 billion, or $1.01 per share, in the second quarter ended June 30 from $1.29 billion, or $1.09 per share, a year earlier. (Reporting by Debroop Roy in Bengaluru; Editing by Anil D'Silva)