ConocoPhillips' Q2 Earnings Fall Short Despite Record Production
TL;DR Summary
ConocoPhillips, a US oil and gas producer, reported lower-than-expected quarterly profit due to weak oil and gas prices. However, the company slightly raised its full-year output expectations, with a 6% increase in production to 1.81 million barrels of oil and gas per day. ConocoPhillips also narrowed its capital spending guidance range and noted some deflation in oilfield service costs. Despite the earnings miss, shares rose 1% in midday trading.
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