Nov 2 (Reuters) - Oil and gas firm Southwestern Energy (SWN.N) beat third-quarter profit estimates on Thursday, as higher oil production offset lower prices.

The demand for oil remained strong, helped by low levels of inventory in the United States and increased exports, which maintained tight supplies despite Saudi Arabia and Russia, two leading OPEC+ oil producers, voluntarily reducing their production.

Southwestern's total oil production in the quarter was up about 12% from a year earlier at 1.31 million barrels of crude oil.

Average realized oil price, excluding derivatives, in the quarter was down about 16% from a year earlier at $71.09 per barrel of crude oil.

Brent Crude was down about 13% in the third quarter since the peak last year during the Russia-Ukraine conflict, pressuring prices.

The company reported an adjusted profit of 10 cents per share for the quarter ended Sept. 30, compared to average analysts' estimate of 7 cents per share.

A growth of 5.6% in its production of natural gas liquids, which include ethane, propane and butane, among others, in the quarter also helped the company's earnings.

Southwestern's total production was down 4% to 425 billions of cubic feet equivalent (bcfe) due to lower natural gas production as demand was down due to milder weather.

The company expects total production for the fourth quarter to be between 400 bcfe and 420 bcfe.

https://www.reuters.com/business/energy/southwestern-energy-beats-third-quarter-profit-estimates-higher-oil-demand-2023-11-02/