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Quarterly profits soar at US oil major

Quarterly profits soar at US oil major
Oil major ConocoPhillips has reported third-quarter net income of £3.05billion compared with £2.16billion a year earlier, while revenue was £41.17billion against £27.12billion a year ago.

Oil major ConocoPhillips has reported third-quarter net income of £3.05billion compared with £2.16billion a year earlier, while revenue was £41.17billion against £27.12billion a year ago.

Chief executive Jim Mulva said: “Our upstream business continued to benefit from the strong commodity price environment and we produced 2.2million barrels of oil equivalent per day (boepd), including an estimated 400,000boepd from our Lukoil investment.”

ConocoPhillips said it generated £4.41billion from operations during the quarter, enabling it to invest £2.35billion in exploring for and developing oil and gas supplies, enhancing refining capabilities, and fostering emerging technologies. Mr Mulva added: “We expect full-year 2008 production to be slightly below 1.8million boepd due to the impact of higher prices on production-sharing contract volumes and lost production associated with hurricanes Gustav and Ike.”

Oil prices slumped to a new 16-month low yesterday following the release of data showing a big rise in US fuel stocks last week, adding to concerns over an economic slowdown in the world’s biggest energy consumer.

Prices were also under pressure from sharp falls in stock markets and the strength of the US dollar.

Light crude for December delivery fell $5.43 to $66.75 a barrel in New York. London Brent crude settled down $5.20 at $64.52.

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