LAST UPDATE 14:24
The American oil company Conocophillips announced higher quarterly profits, thanks to the rise in crude prices after the heavy sanctions in Russia that followed its invasion of Ukraine.
Adjusted earnings stood at $ 4.29 billion, or $ 3.27 a share per quarter, up from $ 902 million, or 69 cents a share, a year ago.
Crude oil prices rose to a decade-high during the quarter as the United States and other countries imposed sanctions on Russia, at a time when fuel demand was approaching pre-pandemic levels.
Conoco’s total production for the quarter ended March 31 was 1.75 million barrels per day, up from 220,000 barrels a year earlier.
The company stressed that prices for the oil and gas sector rose almost 70% to $ 76.99 a barrel.
Adjusted earnings per share rose to $ 4.29 billion, or $ 3.27 a share, from $ 902 million, or 69 cents a share, a year ago.
Source: Capital
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