ConocoPhillips is back in the black after reducing year-on-year production and operating expenses by 20%.
The oil major also slashed operating costs by 15% globally in order to balance the books in a lower oil price environment.
Third quarter revenue was $7.2billion, up from the $6.5billion reported in the same period last year.
Net income attivutable to the company amounted to $420million, rubbing out the red ink on the bottom-line that has marred accounts in recent trading statements.
In comparison, the third quarter result for 2016 showed a loss of more than $1billion.
During the quarter the US major, which also has limited North Sea assets, was forced to brave the impact of Hurricane Harvey on operations off the Gulf of Mexico.
Ryan Lance, chairman and chief executive officer, said: “We continued to deliver transformational actions to reset our company through non-core asset sales, debt reduction and share repurchases.
“While the outlook for commodity prices has improved, we remain committed to our disciplined strategy.
“We are focused on free cash flow generation, strong financial returns, shareholder value creation and distributions through the cycles.”
Total production fell across the group compared to last year to 1.2million barrels a day, down from 1.6million barrels in the Q3 last year.
Full-year guidance for capital expenditures has been lowered by 10% to $4.5 billion. The company’s other guidance items remain unchanged.
The company expects to reduce debt to less than $20 billion by year-end , and expects full-year share repurchases of $3 billion, accelerating performance on a per debt-adjusted share basis.
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