(Reuters) -U.S. shale producer ConocoPhillips (NYSE:COP) reported a fall in second-quarter profit on Thursday, as energy prices dropped from last year's peaks.
Oil and gas prices soared last year in the wake of Russia's invasion of Ukraine, but easing fears of shortages amid global economic challenges have seen prices drop.
Benchmark Brent crude prices averaged $80 a barrel in the second quarter of 2023, compared with $110 a year earlier.
Total average realized price in the April-June quarter fell 38% to $54.50 per barrel of oil equivalent (boe). The lower prices offset benefits from increased production volumes in the quarter, the company said.
The Houston-based company reported earnings of $2.2 billion, or $1.84 per share, for the three months ended June 30, compared with $5.1 billion, or $3.96 per share, a year earlier.