Tags: US | Earns | ConocoPhillips

ConocoPhillips' Profit Doubles on Higher Oil Prices

Wednesday, 27 Oct 2010 09:30 AM

ConocoPhillips says its third-quarter earnings doubled on higher oil prices and better refining margins.

The Houston oil company on Wednesday reported net income of $3.06 billion, or $2.05 per share for the third quarter. That compares with $1.47 billion, or 97 cents per share, in the year-ago period.

Excluding gains from asset sales and other special items, Conoco said it made $2.23 billion, or $1.50 per share, for third quarter. Analysts, who typically exclude special items, expected earnings of $1.46 cents per share on revenue of $45.6 billion.

Revenue totaled $49.55 billion, up from $41.27 billion in the same quarter last year.

The company said it expects to produce about 1.71 million barrels of oil and gas per day in the final three months of the year.

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ConocoPhillips says its third-quarter earnings doubled on higher oil prices and better refining margins.The Houston oil company on Wednesday reported net income of $3.06 billion, or $2.05 per share for the third quarter. That compares with $1.47 billion, or 97 cents per...
US,Earns,ConocoPhillips
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2010-30-27
Wednesday, 27 Oct 2010 09:30 AM
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