ConocoPhillips (NYSE:COP) reported its second quarter earnings before opening bell this morning, coming out ahead of consensus estimates. The company reported earnings excluding items of $1.41 per share. Revenue for the second quarter was $14.14 billion, a 4.7 percent decline from the same quarter a year ago.

Conoco Philips

Analysts had been expecting the company to report earnings of $1.29 per share on revenue of $12.75 billion. Shares were up more than 1 percent in premarket trading after this morning’s report.

ConocoPhillips earnings broken down

The oil giant’s net income declined 10 percent to $1.65 per share or $2.05 billion. Last year’s earnings did include a positive impact of $500 million before the company spun off Phillips 66 (NYSE:PSX), which it did last May. In the same quarter a year ago, ConocoPhillips (NYSE:COP) reported earnings per share of $1.80 per share.

The company reported several items with a positive impact on earnings during the second quarter. It boosted production in some of its holdings and experienced momentum in its exploration. The company is drilling in several areas, including the Gulf of Mexico, Canada and Browse Basin in Australia.

ConocoPhillips raises production guidance

During the second quarter of the year, the company’s production in the Lower 48 and Latin America, Camada, and Asia Pacific and the Middle East increased. Production declined in the company’s European, Alaskan, and other international operations.

ConocoPhillips (NYSE:COP) reported that production in the Lower 48 and Canada is still shifting from natural gas to liquids. Total liquids production in the region rose 17 percent year over year. As a result, the liquids percentage of production rose from 45 percent last year to 49 percent this year.

ConocoPhillips (NYSE:COP) raised its production guidance for the full year to between 1.52 million and 1.53 million barrels of oil equivalent per day. The company’s previous guidance was for between 1.49 million and 1.52 million barrels of oil equivalent per day.

ConocoPhillips (NYSE:COP) also raised its quarterly dividend 4.5 percent.