KCCU News
1:26 am
Wed October 22, 2008

ConocoPhillips Third Quarter Profit Rises 41 Percent

Houston, TX – ConocoPhillips says third-quarter profit rose 41 percent due largely to record oil prices this summer. The results easily topped Wall Street forecasts for the third-largest U.S. oil company.

The Houston-based company said net income for the July-September period rose to $5.18 billion, or $3.39 per share, from $3.67 billion, or $2.23 per share, during the same period a year earlier.

Revenue rose nearly 52 percent to $70 billion from $46.1 billion a year ago.

Analysts polled by Thomson Reuters had been expecting earnings, on average, of $3.06 per share.