ConcoPhillips said Thursday it had net income of $1.6 billion, or $1.39 a share, in the second quarter, after a loss of $3.4 billion, or $2.78 a share, in the year-earlier period. Adjusted per-share earnings came to $1.09, ahead of the FactSet consensus of $1.08. The company did not provide a revenue number in its earnings release, but said production excluding Libya of 1,211 MBOED came in at the high end of its guidance. “We’re benefitting from higher oil prices, but also driving underlying cash flow expansion,” Chief Executive Ryan Lance said in a statement. The oil giant is now expecting full-year product of 1,225 to 1.255 MBOED. Shares were slightly lower premarket, but have gained 30.3% in 2018, while the S&P 500 has gained 6.5%.
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