Profit soars 41% on higher prices
ConocoPhillips, the third-largest U.S. oil company, posted a 41% profit increase after gains in energy prices made up for a drop in production. But the company’s shares fell as New York oil futures tumbled.
Third-quarter net income climbed to $5.19 billion, or $3.39 a share, from $3.67 billion, or $2.23, a year earlier, the Houston-based company said. Excluding such items as a divestiture gain, per-share profit was about $3.32, 13 cents higher than analyst estimates compiled by Bloomberg.
Revenue jumped 52% to $70 billion after oil futures surged above $147 a barrel in July to a record. ConocoPhillips is the biggest natural-gas producer in the U.S., so it benefited as gas traded 44% higher, on average, than in last year’s third quarter. Oil slipped below $70 for the first time since August 2007 last week.
ConocoPhillips shares fell $4.90, or 9.1%, to $49.06.
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