Don't Discount ConocoPhillips
NEW YORK (TheStreet) -- It wasn't that long ago when the prevailing sentiment surrounding ConocoPhillips
Unlike, say, Exxon Mobil
Today, the post-split Conoco, which, not only competes with Exxon and Chevron, but Conoco is taking on large E&P titans like Apache
Unlike Exxon, which produced third-quarter revenue declines of 2.4%, Conoco posted revenues of $15.47 billion, which were up almost 10% year-over-year. The company's production output reached 1.51 million barrels of oil-equivalent per day, of which 1.47 million barrels production came from continuing operations.
Bears will argue that Conoco's output was indeed flat. That's true, but standpoint of overall production performance, it bested Royal Dutch Shell's
For instance, Conoco benefited greatly from higher prices, which helped advance margins. And regardless of what pundits wish to believe, it can't be coincidence that the prices of oil-equivalents increased by more than 6% on a per-barrel basis - not when the likes of Exxon, Chevron and Shell are seeing the opposite reaction.