Conoco 2Q Profit Soars; Co To Sell Entire Lukoil Stake |
| Wall Street Journal - Jul 28, 2010 |
ConocoPhillips (COP) said Wednesday that its second-quarter earnings more than quadrupled on higher commodities prices and that its refining business returned to profitability.
Conoco, the third-largest U.S. oil company by market value after Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX), also said it has reached an agreement to sell 7.6% of its 20% stake in Russian oil giant OAO Lukoil Holdings (LUKOY, LKOH.RS) for $3.44 billion, a deal that is expected to close in the current quarter.
ConocoPhillips also unveiled plans to sell the rest of the stake by the end of next year, instead of prior plans to just halve it. The shares will be sold to either Lukoil or on the open market, and most of the proceeds will be used primarily to repurchase Conoco's shares, Chief Executive Jim Mulva said in a prepared statement.
Houston-based Conoco is in the midst of a major restructuring program that includes plans for $10 billion in divestitures in an effort to repay debt--a shift from a debt-fueled acquisition spree when commodities prices were soaring. The restructuring includes plans to increase returns to investors in the form of share repurchases and higher dividends at the expense of production grow.
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- Posted: 2010-07-28 10:35:06
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