Saturday, April 28, 2012

ConocoPhillips 1Q profit drops 3 pct

In a Thursday, April 19, 2012 photo, the ConocoPhillips refinery is seen in Trainer, Pa. ConocoPhillips on Monday, April 23, 2012 reported first-quarter earnings of $2.9 billion, compared with first-quarter 2011 earnings of $3.0 billion. Excluding $330 million of special items, first-quarter 2012 adjusted earnings were $2.6 billion. Special items were primarily related to gains on asset dispositions, partially offset by impairments and repositioning costs. (AP Photo/Alex Brandon)ConocoPhillips said Monday that its first-quarter profit dropped 3 percent because it produced less oil and natural gas from a shrinking pool of assets.


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