Conoco earnings sag - August 18, 2002

Providing coverage of Alaska and northern Canada's oil and gas industryAugust 2002

Vol. 7, No. 33

Week of August 18, 2002

Conoco earnings sag

Steve Sutherlin, PNA managing editor

Conoco said July 23 its net second quarter income fell to $141 million or 22 cents per share, a 77 percent drop from $606 million or 95 cents per diluted share for the period last year. Sharply lower natural gas prices, lackluster refining margins, and currency losses were to blame, the company said.

Revenue for the quarter totaled $9.7 billion, down 8 percent from $10.6 billion last year. Total quarterly production was up 25 percent, at 836,000 barrels of oil equivalent per day, versus 670,000 boe per day in second quarter 2001.

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