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Conoco Profit Falls on Asset Sales as Refining Income Rises

ConocoPhillips, the U.S. oil company that plans to spin off its fuel-making business in 2012, said third-quarter profit declined mainly on asset sales as refining income surged.

Net income dropped 14 percent to $2.62 billion, or $1.91 a share, from $3.06 billion, or $2.05, a year earlier, Houston-based ConocoPhillips said in a statement today. Excluding items such as asset sales and higher taxes in the U.K., profit was about $2.52 a share, 34 cents higher than the average of 18 analysts’ estimates compiled by Bloomberg.