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ConocoPhillips profits bubble higher to 5.2 billion dollars
AFP
HOUSTON
Petroleumworld.com 07 28 06
US oil and gas giant ConocoPhillips said Wednesday its second-quarter net profit jumped 65 percent from a year ago to 5.2 billion dollars, buoyed by record petroleum prices.
Results for the number three US oil company also were helped by the integration of exploration group Burlington Resources, acquired in the first quarter.
The profit amounted to 3.09 dollars per share, ahead of the average Wall Street estimate of 2.81 dollars a share.
Revenues for the quarter grew 13 percent from a year earlier to 47.1 billion dollars. This was well below Wall Street forecasts of 53.1 billion dollars.
Nonetheless, shares in the Texas firm rose on Wall Street, gaining 1.7 pecent to 68.60 dollars in late morning trade.
"We delivered solid results in the second quarter and are pleased with the progress made integrating the Burlington Resources operations with ConocoPhillips' global portfolio," said Jim Mulva, chairman and chief executive officer.
"However, we experienced unplanned downtime in both our upstream and downstream businesses, which impacted our operating performance."
The company said the increase in earnings was helped by inclusion of Burlington Resources' results and new tax legislation in Canada, partially offset by higher taxes in Venezuela.
"Higher realized crude oil prices, partially offset by lower realized natural gas prices, also contributed to higher earnings," the company said.
AFP 26 1519 GMT 07 06
Copyright ©2006 AFP. All Rights Reserved.
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