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Business

ConocoPhillips Earnings Fall With Spinoff Of Refining Business

Houston-based ConocoPhillips says net income fell 33% in the second quarter, as oil prices fell and it shed its refining and pipelines business.

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ConocoPhillips’s results still beat Wall Street estimates. The company earned more than $2.25 billion in the quarter, or $1.80 a share. That compared with nearly $3.5 billion a year earlier, when Conoco still owned refineries and pipelines.

Revenue fell 14% to just over $15 billion.

Excluding special items, Conoco Phillips earned $1.22 a share.  That’s two cents a share more than analysts expected, according to FactSet.

 

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Andrew Schneider

Andrew Schneider

Politics and Government Reporter

Andrew heads Houston Public Media's coverage of national, state, and local elections. He also reports on major policy issues before the Texas Legislature and county and city governments across Greater Houston. Before taking up his current post, Andrew spent five years as Houston Public Media's business reporter, covering the oil...

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