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Follow on Google News | 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.
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. # # # Milton Financials is a dedicated, independent broker providing the market insight and investment advice that corporate, institutional and private clients trust. End
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