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ConocoPhillips adjusted earnings climb sevenfold YOY to meet expectations

ConocoPhillips on July 26 announced second-quarter adjusted earnings of $1.29 billion, or $1.09 per share, meeting the S&P Capital IQ consensus normalized estimate.

During the year-ago quarter, the oil producer announced earnings of $178 million, or 14 cents per share.

On a GAAP basis, the company reported earnings of $1.64 billion, or $1.39 per share, against a year-ago loss of $3.44 billion, or $2.78 per share.

The company said that after accounting for closed dispositions, production excluding Libya climbed 58,000 barrels per day, or 5%, year over year to 1.2 million barrels of oil equivalent as production at the company's "Big 3" unconventional assets in the Lower 48 grew 37% year over year. ConocoPhillips has said the Eagle Ford Shale, the Delaware play and the Bakken Shale make up the "big three" plays in its growth plan.

Excluding $180 million in working capital, the company said it produced $3.16 billion in cash from operations, which exceeded $2.0 billion in capital expenditures, $600 million in share repurchases and $300 million in dividends.

For the first half, the company said it realized a price of $52.37 per barrel of oil equivalent, up from $36.13/boe during the same period a year ago.