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ConocoPhillips Message Board

  • adspatz adspatz Oct 31, 2013 10:08 AM Flag

    ConocoPhillips profit improves 38%

    Search for "SEC Live Filings Digest" to find out more.
    ConocoPhillips (COP) announced its third quarter financial results for the current fiscal year, reporting a 38% increase in net profit thanks largely to selling assets. Earnings improved to $2.5B, or $2.00 a share, up from $1.8B and $1.46 per share this quarter last year. Revenue increased 5.1% to $15.5B while the company’s oil production remains unchanged from last year. The company has been selling assets in an effort to streamline the business and improve profitability. ConocoPhillips reported a $749M gain from disposing of its Clyden lease in Canada as well as a midstream holding in Trinidad and Tobago. Just today the company announced it completed the $5.4B sale of its stake in a project in Kazakhstan. Analysts have commented that ConocoPhillips is executing on its strategy to focus more on the United States, particularly operations in the Eagle Ford and Bakken formations, as well as some work in Canada.

41.54+0.05(+0.12%)Oct 21 4:00 PMEDT