ConocoPhillips shares COP, -1.21% rose about 2% in premarket trade Tuesday, after the oil major posted better-than-expected profit for the second quarter. The company posted net income of $2.1 billion, or $1.55 a share, for the quarter, up from $300 million, or 24 cents a share, in the year-earlier period. Adjusted per-share earnings came to $1.27, well ahead of the $1.10 FactSet consensus, boosted by higher realized prices and volumes. It did not offer a revenue number. Production excluding Libya came to 1,547 thousand barrels of oil equivalent a day, or MBOED, up 566 MBOED from the year-earlier period. The company recently offered a market update offering a 10-year plan that is based on an oil price of $50 a barrel and offered an outlook for the business following its acquisition of Concho. Shares have gained 38.5% in the year to date, while the S&P 500 SPX, -0.18% has gained 16.8%.
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