U.S. oil and gas producer ConocoPhillips posted better-than-expected quarterly profit on Thursday thanks to rising crude prices, prompting executives to boost capital spending and production targets for the year. The new targets are a bullish bet that oil prices, which have surged more than 15 percent since January, are not likely to drop in the near future, helping Conoco exploit its lucrative shale acreage around the United States. Houston-based ConocoPhillips, the world’s largest independent oil and gas producer, is one of the first major U.S. oil producers to report …read more
Source:: Yahoo Finance
