ConocoPhillips Earnings Fall With Spinoff Of Refining Business
by: Andrew Schneider, July 25, 2012 11:07:00 am
ConocoPhillips’s results still beat Wall Street estimates. The company earned more than $2.25 billion in the quarter, or $1.80 a share. That compared with nearly $3.5 billion a year earlier, when Conoco still owned refineries and pipelines.
Revenue fell 14% to just over $15 billion.
Excluding special items, Conoco Phillips earned $1.22 a share. That’s two cents a share more than analysts expected, according to FactSet.