ConocoPhillips tops estimates with decade’s highest profit

ConocoPhillips posted its highest quarterly profit in a decade after the US oil producer benefited from a sustained rally in crude and natural gas. Net income for the third quarter soared to US$2.4 billion, the highest going back to 2011. Capital spending was just 32% of cash from operations in the period, indicating that ConocoPhillips has swathes of cash left over for debt reduction and shareholder returns at these price levels.

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