Milton Financials: U.S oil No.3 ConocoPhillips third-quarter profits rise on strong oil price.

U.S oil giant says profits more than double on recovering energy demand.
 
Oct. 27, 2010 - PRLog -- Milton Financials has learned from recent reports that ConocoPhillips has announced that profit has more than double as oil prices rose and refining margins widened.

The firm’s third quarter net income increased from $1.47 billion, or $0.97 a share last year to $3.06 billion, or $2.05 a share. According to a recent statement from ConocoPhillips per share profit, excluding items such as asset sales, was $1.05,5 cents, higher than analysts were expecting.

“Oil and gas prices are certainly much stronger than they were in the year-ago period, and you also have a significant improvement in refining margins,” an analyst at Caris & Co. in New York, told reporters known to Milton Financials ahead of the earnings announcement.


ConocoPhillips told Milton Financials that production had dropped to 1.72 million barrels of oil equivalent a day, down from 1.79 million for the same period last year, with fourth-quarter production expected to come in at around 1.17 million. The firm’s stock has climbed 20% in 2010.


Oil futures have averaged about 12% higher than a year ago at $76.21 per barrel while natural gas futures have climbed 23%. The U.S. Energy Department has predicted that oil and natural gas consumption for this year will increase the most since 2004.


Milton Financials has learned that ConocoPhillips intends selling $10 billion of assets over two years, $7 billion of which is likely to happen this year. The firm is also currently in the process of selling its entire 20% share in the Russian oil firm OAO Lukoil.

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Milton Financials is a dedicated, independent broker providing the market insight and investment advice that corporate, institutional and private clients trust.
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