Higher oil prices, asset sales boost Conoco profit

By Chris Kahn

Associated Press

Published: Wednesday, Jan. 25 2012 7:09 a.m. MST

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.

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