ConocoPhillips quarterly profit tumbles

ConocoPhillips on Thursday reported a 31 percent decline in quarterly profit, hit by a drop in prices for crude oil and natural gas.

Profit in the third-quarter was $1.8 billion, or $1.46 per share, compared with $2.6 billion, or $1.91 per share in the same period a year earlier.

Oil and gas output in the quarter was 1.53 million barrels of oil equivalent per day (BOE), down from 1.54 million BOE per day a year earlier.