ConocoPhillips posted a 41% rise in third-quarter profit, as higher oil prices overshadowed flat output and narrower refining margins.

The oil producer reported net income of $5.19 billion, or $3.39 a share, compared with $3.67 billion, or $2.23 a share, a year earlier. Revenue climbed 52% to $70 billion.

The latest estimates of analysts polled...