- Jul 31, 2005
- Reaction score
- Political Leaning
NEW YORK (Reuters) - ConocoPhillips (NYSE:COP - news), the No. 3 U.S. oil company, on Wednesday reported quarterly profit surged 89 percent, surpassing Wall Street forecasts, driven by record oil prices and sharply higher refining margins.
ConocoPhillips, like other major oil companies, has reaped a windfall from soaring crude oil prices -- which touched a record $70 a barrel in the quarter -- and better refining margins, as powerful hurricanes blew through the Gulf of Mexico, severely disrupting energy operations.
The Houston company's net profit in the third quarter rose to $3.8 billion, or $2.68 a share, compared with $2.01 billion, or $1.43 a share, a year earlier.
Shares of ConocoPhillips were up $2.56, or 4.1 percent, at $65 on the
New York Stock Exchange.
"A decent set of numbers from ConocoPhillips, but without the U.S. refining blowout which the market may have by now been anticipating," Credit Suisse First Boston analysts said in a research note.
Profit at its refining and marketing operations rose to $1.39 billion from $708 million a year earlier, but were hit by outages at three Gulf Coast refineries.
That was above the average profit forecast of $2.46 a share, according to analysts polled by Reuters Estimates. Total revenue also jumped to $49.7 billion in the quarter from $34.7 billion a year earlier.