Tags: US | Earns | ConocoPhillips

ConocoPhillips' Earnings Double on High Oil Prices

Wednesday, 28 Jul 2010 10:32 AM

ConocoPhillips said Wednesday its second-quarter income more than doubled as oil prices increased and refining margins jumped.

The Houston oil company reported earnings of $4.16 billion, or $2.77 per share, for the second quarter. That compares with $859 million, or 57 cents per share, in the same part of 2009. Revenue jumped rose to $45.69 billion from $35.45 billion.

Excluding a gain, Conoco earned $1.67 per share in the latest quarter. On that basis, analysts had expected $1.56 per share.

The company also announced the sale of a 7.6 percent stake in Lukoil, Russia's largest private oil company, for $3.44 billion. Conoco said it now plans to sell the rest of its Lukoil holdings by the end of next year.

Shares rose more than 1 percent in premarket trading.

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ConocoPhillips said Wednesday its second-quarter income more than doubled as oil prices increased and refining margins jumped.The Houston oil company reported earnings of $4.16 billion, or $2.77 per share, for the second quarter. That compares with $859 million, or 57 cents...
US,Earns,ConocoPhillips
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2010-32-28
Wednesday, 28 Jul 2010 10:32 AM
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