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Higher Oil Prices Boost Conoco's Profit by 66%

By: Yossel in TT | Recommend this post (0)
Thu, 26 Jan 12 2:39 PM | 43 view(s)
Boardmark this board | Texas Tea 		Msg. 02615 of 03132
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JANUARY 26, 2012.Higher Oil Prices Boost Conoco's Profit by 66%
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EARNINGSJANUARY 26, 2012.Higher Oil Prices Boost Conoco's Profit by 66% .

ISABEL ORDONEZ HOUSTON—ConocoPhillips said Wednesday its fourth-quarter earnings rose 66% thanks to higher oil prices and despite a drop in production and weak refining profits.

The Houston-based company reported a profit of $3.39 billion, or $2.56 a share, up from $2.04 billion, or $1.39 a share, a year earlier. Revenue rose 17% to $62.39 billion.

Excluding gains on asset sales and other items, earnings rose to $2.02 a share from $1.32 a share. Adjusted earnings beat analysts' expectations of $1.76 a share thanks to better-than-anticipated exploration-and-production results and a smaller-than-expected drop in refining profits, said Brian Youngberg, an analyst at Edward Jones.


ISABEL ORDONEZ

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http://online.wsj.com/article/SB10001424052970203718504577182680068484456.html





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