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.
- The American Dream is still alive for 20...
- Healthy jobs report a good sign for future...
- Weber State center helping to improve auto...
- System failure to blame for delayed Saturday...
- Leavitt stresses importance of allies, alliances
- 3,000 Workforce Services clients may be...
- Walmart's 20 best-selling Black Friday items
- Jobless claims drop to near 6-year low
- Fast-food strikes return amid push for... 32
- Jobless claims drop to near 6-year low 10
- System failure to blame for delayed... 9
- Obama to feds: Boost renewable power 20... 6
- The American Dream is still alive for... 6
- Cedar Hills to require business... 5
- Healthy jobs report a good sign for... 2
- United Kingdom government predicting... 1