ConocoPhillips 2Q earns more than double
ConocoPhillips 2Q earns more than double; plans to full Lukoil stake by end of next year
ConocoPhillips says its second-quarter income more than doubled as oil prices increased and refining margins jumped.
The Houston oil company on Wednesday reported earnings of $4.16 billion, or $2.77 per share, for the second quarter. That compares with $982 million, or 66 cents per share, in the same part of 2009.
Excluding a gain, Conoco earned $1.67 per share. On that basis, analysts had expected $1.56 per share.
The company also announced the sale of a 7.6 percent stake in Lukoil, Russia's largest private oil company, for $3.44 billion and plans to sell the rest of its Lukoil holdings by the end of next year.
Copyright 2010 AP News
