ConocoPhillips Surges on Higher Crude Prices and Cost Cuts

ConocoPhillips, the largest U.S. independent oil and gas producer, reported a stronger-than-expected quarterly profit due to higher crude prices and cost-cutting measures.

The company's adjusted profit came in at $3.24 per share for the quarter ended June 30, beating analysts' average estimate of $2.88 per share.

Benchmark Brent crude averaged about $93.58 per barrel during the April-to-June period, a 32% increase from a year earlier driven by geopolitical tensions in the Middle East.

Despite the surge in oil prices, ConocoPhillips' production declined to 2.25 million barrels of oil equivalent per day (boepd) compared to 2.39 million boepd from the same period last year.