(MENAFN) Net profit of ConocoPhillips, the third-largest US oil company, was higher than expected in the first three months of 2014 on rising output in Texas and North Dakota, according to Arab News.
Net income fell to USD2.12 billion during the quarter compared to USD2.14 billion a year earlier.
ConocoPhillips has sold assets from Algeria to Kazakhstan as Chairman and Chief Executive Officer Ryan Lance expects higher and more stable returns in North America.
Brian Youngberg, an analyst with Edward Jones in St. Louis, said: "They"re offsetting assets sold and some natural declines with production from shale.
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