ConocoPhillips Says Oil Output Fell; Shares Slip

Oil and gas producer ConocoPhillips said Tuesday its second-quarter oil production fell 60,000 barrels of oil equivalent per day from the first quarter, due mostly to planned maintenance.

Oil Barrels
Oil Barrels

The company previously said its output in the quarter would slip, but investors appeared disappointed by the figures and pushed Conoco shares down roughly 2 percent in morning trade.

Conoco cited benchmark oil price data that showed crude prices nearly doubled in the quarter from the previous year and rose nearly $25 from the first quarter.

Crude oil futures in New York reached a record above $145 a barrel on July 3.

The Houston-based company also said that while benchmark refinery margins improved in the second quarter versus the first quarter, its profits were hurt by the negative impact from secondary products, such as fuel oil, natural gas liquids and petroleum coke.

Conoco further said it would take a $120 million after-tax charge to bring its earnings from its investment in LUKOIL into alignment with the figures released by the Russian company in June.