Credit Herald

HOUSTON — Record oil prices at the end of 2007 helped ConocoPhillips post a 37 percent increase in fourth-quarter profit, even though the third-largest U.S. oil company produced less crude and natural gas than a year earlier.

ConocoPhillips, which employs 800 at its Wood River Refinery, said its fourth-quarter net income rose to $4.37 billion, or $2.71 per share, compared with $3.2 billion, or $1.91 per share, during the same period a year earlier.

In a note to investors, Citi Investment Research analyst Doug Leggate said earnings excluding one-time items amounted to $2.40 a share — slightly ahead of analysts’ average forecast of $2.38 per share, according to a poll by Thomson Financial.

Revenue increased to $52.7 billion from $41.5 billion a year ago.
"We had another solid quarter, which contributed to a strong year in terms of operating performance and market conditions," said ConocoPhillips Chairman and Chief Executive Jim Mulva cash advance loans.

ConocoPhillips said profit at its exploration and production, or upstream, business climbed to $2.61 billion, from $2.09 billion in the year-ago period, benefiting from higher commodity prices, a tax benefit and the release of escrowed funds.

Net income at the company’s refining and marketing, or downstream, business rose to $1.12 billion from $919 million a year ago, in part because of higher refining margins — the difference between the cost of crude and what the company makes on refined products such as gasoline.

Those margins have been squeezed of late as spiking oil prices outpaced increases in gasoline prices and other refined products.

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