Energy exploration company ConocoPhillips (NYSE: COP) on Thursday reported a sharp fall in profit and revenues for the second quarter of 2023.
Net income, adjusted for special items, decreased 53% year-over-year to $1.84 per share in the three-month period. The reported profit was $2.2 billion or $1.84 per share in Q2, compared to $5.15 billion or $3.96 per share in the second quarter of 2022.
The bottom line was negatively impacted by a 41% fall in revenues and other income to $12.9 billion. At 1,805 MBOED, total production was up 7%.
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