Extract
Conoco Announces 2002 Second Quarter Earnings.
Business Editors & Energy Writers
HOUSTON--(BUSINESS WIRE)--July 23, 2002 Conoco (NYSE:COC) -- Earnings 22 Cents Per Diluted Share -- Production Up 25 Percent -- Natural Gas Prices and U.S. Downstream Refining Margins Significantly Lower -- Gulf Indonesia Tender Offer Successful -- Conoco & Phillips Merger On Track Conoco (NYSE:COC) today said sharply lower natural gas prices and refining margins, as well as non-cash charges resulting from adverse currency movements, led to much lower earnings for the quarter. Net income before special items totaled $141 million, or 22 cents per diluted share, 77 percent lower than last year's record second quarter of $606 million, or 95 cents per diluted share. After-tax operating income of $242 million was $130 million higher than the first quarter. Upstream increased $118 million, or 76 percent, while downstream improved $12 million, or 63 percent. Revenue for the quarter totaled $9.7 billion, down 8 percent from $10.6 billion last year on lower prices. Net income totaled $130 million, or 20 cents per diluted share, down from $552 million, or 87 cents per diluted share, earned during the same period last year. "It was a difficult quarter due to weak refining margins, especially in the United States. The relative increase in the cost of heavy crude oil was particularly disadvantageous to Conoco's complex refinery confi...See the full content of this document
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