ConocoPhillips saw its net income increase by 63% in the third quarter of 2019, the financial results statement released by Houston-based multinational energy firm on Tuesday showed.
The company's net income amounted to $3.1 billion in the July-September period this year, up from $1.9 billion for the same period a year ago, the statement showed.
Cash from operations, excluding working capital, was $2.6 billion, which exceeded capital expenditures and investments, and generated free cash flow of $1 billion.
"We ended the quarter with $8.4 billion of cash and short-term investments," Executive Vice President and Chief Financial Officer Don Wallette said in the earnings call to investors.
Against low oil and natural gas prices, Wallette said the company combined liquefied natural gas projects and high production volumes with lower cost to mitigate the impact of prices.
Production, excluding Libya, was 1,322 thousand barrels of oil equivalent per day (mboed) in the third quarter of 2019 - a 98 mboed increase over the same period last year.
The company said it expects total production in the fourth quarter of this year to be between 1,265 mboed and 1,305 mboed.
ConocoPhillips did not provide revenue information for the fourth quarter of 2019, according to the financial statement.
By Ovunc Kutlu