NEW YORK — Higher oil prices are making it easier for ConocoPhillips to complete a massive transformation this year.
The Houston-based company says profit rose 66.1 percent in the fourth quarter. Part of that came from the sale of assets, but the results also reflect the increased price Conoco got for oil compared with a year ago.
From October to December, Conoco earned $3.39 billion, or $2.56 per share, compared with $2.04 billion, or $1.39 per share a year earlier. Revenue increased 17.2 percent to $62.4 billion.
Excluding gains, earnings were $2.02 per share. Analysts had expected earnings of $1.77 per share on revenue of $45.1 billion.
Conoco has revamped its business through the sale of billions of dollars of assets. This year it plans to spin off its refinery business.
- Fewer breezes led to less wind power... 11
- Brewvies wants judge to stop DABC from... 9
- Provo transit project set to begin,... 8
- Gov. Herbert met with lobbyists to ask... 7
- US economy struggles at start of... 3
- Yahoo CEO could get $55M in severance... 3
- Democratic A.G. candidate says Reyes... 3
- FBI says it won't disclose how it... 2