ConocoPhillips Earnings Fall With Spinoff Of Refining Business

Houston-based ConocoPhillips says net income fell 33% in the second quarter, as oil prices fell and it shed its refining and pipelines business.

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.

 

Bio photo of Andrew Schneider

Andrew Schneider

Business Reporter

Andrew Schneider joined KUHF in January 2011, after more than a decade as a print reporter for The Kiplinger Letter...