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ConocoPhillips Earnings Fall 71%

Oct 28, 2009 (MarketNewsVideo.com via COMTEX) -- By MarketNewsVideo.com

Company: ConocoPhillips (COP)

The #3 Big Oil company in the country posted an earnings decline of 71 percent today, sending its stock lower.

ConocoPhillips (COP) said it earned $1.5 billion, or a buck a share, for the quarter, as compared to a profit of $5.2 billion, or $3.39 per share, in the same quarter last year.

Of course, last year's quarter included record-high oil and gas prices, and this quarter the company said lower prices and slimmer margins are putting a damper on earnings.

Revenue totaled $41.3 billion, as compared to $71.4 billion last year.

Conoco did say that as crude oil prices head higher in the current quarter, it is ramping up production.

ConocoPhillips shares are trading down about three quarters of a percent on Wednesday morning.

The preceeding is a transcript of the MarketNewsVideo.com video published at: http://www.marketnewsvideo.com/?id=200910ConocoPhillips102809&mv=1. 

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Company: ConocoPhillips (COP)


Related terms: crude oil, earnings, gasoline, oil, prices, profit, revenue, video

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