Record Shale Production Helps ConocoPhillips Beat Profit Estimates

ConocoPhillips (NYSE: COP) is raising its ordinary dividend and share buyback program as its third-quarter earnings beat market expectations on the back of higher total oil and gas production and record output in the U.S. shale patch. The U.S. oil and gas producer reported on Thursday adjusted earnings per share of $1.78 for the third quarter, down from $2.16 EPS a year earlier, but above the analyst consensus estimate of $1.65 compiled by The Wall Street Journal. Higher crude oil and natural gas production helped ConocoPhillips offset the lower...