ConocoPhillips, the third-largest U.S. oil company, says its second-quarter production rose by more than 100,000 barrels from a year ago. But it says lower crude and natural-gas prices and refining margins are expected to hurt results.
In an overview of market conditions for the April-June period, the Houston-based company said Tuesday that global output was about 1.86 million barrels of oil equivalent. That’s up from 1.75 million barrels in the second quarter of 2008.
Production results include ConocoPhillips’ Canadian Syncrude operations but not its Russian Lukoil business.
ConocoPhillips is set to release second-quarter earnings July 29.
Copyright 2009 The Associated Press.