Conoco Swings To 4Q Profit, Output Climbs 3% |
| Wall Street Journal - Jan 27, 2010 |
Higher oil prices, cost reductions and an increase in oil and gas production helped ConocoPhillips (COP) bounce back from a prior-year loss in the fourth quarter. The oil giant topped analyst expectations, overcoming a difficult environment for its refining business.
The Houston company reported a profit of $1.22 billion, or 81 cents a share, compared with a year-earlier loss of $31.76 billion, or $21.37 a share.
The 2008 loss was mostly due to $34 billion in asset write-downs, whose value plummeted as energy prices fell during the recession. The latest period included $575 million in asset write-downs.
Excluding one-time items, Conoco earnings fell to $1.16 a share from $1.28 a share, which exceeded analysts' expectations of $1.12. Conoco reported fourth-quarter revenue of $43.6 billion, down from $44.9 billion in the same period a year earlier, according to a filing to the Securities and Exchange Commission.
Read Full Article from Wall Street Journal
- Posted: 2010-01-27 14:30:02
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