ConocoPhillips notes a plunge in profits

HOUSTON (AP) — ConocoPhillips became the second oil major in as many days to report plunging profits for the second quarter, saying Wednesday its earnings fell a whopping 76 percent because of the year-over-year fall in oil and gas prices and lousy refining results.

The dismal outcome for the nation's third-largest oil company followed BP PLC's report Tuesday of earnings 53 percent below the April-June period a year ago, when crude prices were at triple-digit levels.

Profit declines of 50 percent or more are expected to be the norm for producers, but they still could cause a double-take for an industry that only a year ago was notching the fattest profits on record.

ConocoPhillips took a beating in both of its major businesses — finding and producing oil and natural gas and refining and selling gasoline and other types of fuel.