ConocoPhillips posted a third-quarter profit of about $4 billion, or $3.34 per share, compared with $1.73 billion, or $1.38 per share, a year earlier. Oil and natural-gas prices climbed during the quarter, driving the significant increase in earnings. The company's results reflect strong performance in the energy sector amid favorable market conditions.
Investors reacted positively to the robust profit growth reported by the oil producer.
Source: Wall Street Journal US Business · Summarized by HeadlinesBriefing