Leave No Oil Company Behind
ConocoPhillips, the nation's third-largest integrated oil and gas company, said Wednesday its third-quarter profit surged 89 percent, reflecting strong prices for crude oil and natural gas.Texas Oil Man + Oval Office = Raping by the oil industry
Earnings for the quarter ended Sept. 30 rose to $3.8 billion, or $2.68 per share, topping the average Wall Street estimate of $2.57 per share, according to a Thomson Financial survey of analysts. A year ago, the company earned $2 billion, or $1.43 per share.
Quarterly revenue rose 43 percent to $49.66 billion from $34.74 billion
"During the quarter, our U.S. Gulf Coast operations were significantly impacted by Hurricanes Katrina, Rita and Dennis," said Jim Mulva, chairman and chief executive. "Despite these impacts, our overall operating performance for the quarter was good, and we continued to benefit from the strong commodity price environment."