ConocoPhillips Profit Climbs on Refining, Oil Prices
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ConocoPhillips, the third-largest U.S. oil company, said fourth-quarter profit surged 59 percent as economic recovery boosted fuel and chemical demand, and higher crude prices offset a decline in production.
Net income climbed to $2.04 billion, or $1.39 a share, from $1.29 billion, or 86 cents, a year earlier, Houston-based ConocoPhillips said today in a statement. Excluding such items as gains on asset sales, profit was 1 cent more than the average of 16 analysts’ estimates compiled by Bloomberg.