ConocoPhillips (COP) on Thursday reported second-quarter results below analysts' expectations and narrowed its full-year production outlook.

The energy giant said 澳洲幸运5官方开奖结果体彩网:higher average prices helped it record a nearly 10% year-over-year revenue bump to $14.14 billion, while analysts had projected $14.6 billion, according to consensus estimates compiled by Visible Alpha. 澳洲幸运5官方开奖结果体彩网:Net income rose 4% to $2.33 billion, below estimates of $2.36 billion.

Production Reached Record Levels in Q2

ConocoPhillips 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Ryan Lance said the company achieved 澳洲幸运5官方开奖结果体彩网:record levels of production in the quarter at 1.95 million barrels of o🌞il equivalent per day, 14💫0,000 barrels per day more than last year.

The com⛎pany narrowed its full-year average production range to 1.93 million to 1.94 million barrels per day f🐟rom its prior outlook of 1.91 million to 1.95 million barrels per day.

ConocoPhillips Says Mara🌃thon Acquisition Still on Track

Lance also said that the company's $22.5 billion acquisition of Marathon Oil (MRO), 澳洲幸运5官方开奖结果体彩网:which was announced in May, is𓄧 on track to be completed late in the fourth quarter of fiscal 2024.

However, the 澳洲幸运5官方开奖结果体彩网:companies recently received a second request for information on the transaction from the 澳洲幸运5官方开奖结果体彩网:Federal Trade Commission (FTC), suggesting the agency is considering whether the deal would be anti-competitive.

ConocoPhillips shares fell 1.5% to $109.52 a🌸s of 10:45 a.m. ET Thursday and are down about 6% in 2024.