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ConocoPhillips Q2 profit, revenues surge - Quick Facts
7/23/2008 8:46 AM ET
(RTTNews) - ConocoPhillips (COP: News, Chart, Quote ) reported second quarter net income of $5.44 billion or $3.50 per share, compared to $301 million or $0.18 per share in the prior year quarter. Second-quarter 2007 earnings adjusted for the Venezuela impairment were $4.81 billion or $2.90 per share. Exploration and Production net income for the latest quarter was $3.999 billion.
Analysts polled by First Call/Thomson Financial expected the company to report earnings for the quarter of $3.40 per share.
Revenues for the quarter rose significantly to $71.4 billion from $47.4 billion in the same period last year.
Looking ahead to the third quarter, the company anticipates E&P segment production to be similar to the second quarter. Full-year 2008 production is expected to be be consistent with its operating plan.
The company anticipates share repurchases to be between $2 billion and $3 billion for the third quarter, which is in line with its $10 billion authorized share repurchase program for 2008.