Exploration and production earnings were $414 million in the quarter, compared with $206 million in the third quarter of 2006. The company’s oil and gas production, on a barrel of oil equivalent basis, was 357,000 barrels per day compared with 352,000 barrels per day in the third quarter of 2006.
During the period, the company’s average worldwide crude oil selling price, including the effect of hedging, was $65.26 per barrel, an increase of $6.45 per barrel from the third quarter of 2006.
Marketing and refining earnings were $46 million, compared with $152 million in the third quarter of 2006. Refining earnings decreased to $25 million from $63 million in the third quarter of 2006, reflecting lower refined product margins.
Trading operations were breakeven in the third quarter of 2007 compared with earnings of $26 million in 2006.
