Conoco has also been selling assets as it reshapes the company.

The Houston oil company on Wednesday reported earnings of $2.62 billion, or $1.91 per share, for the July-September quarter.

That compares with $3.06 billion, or $2.05 per share, in the same part of 2010.

Excluding special charges, Conoco reported adjusted earnings of $3.45 billion, or $2.52 per share.

Revenue increased 33 percent to $62.78 billion.

Analysts, who usually exclude special charges, expected earnings of $2.16 per share on revenue of $55 billion, according to FactSet.

Shares rose $1.59, about 2 percent, to $72.27 in premarket trading.