Conoco sees profits more than double

first_img KCS-content Tags: NULL Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Share whatsapp Wednesday 27 October 2010 8:12 pmcenter_img whatsapp Conoco sees profits more than double THE third-largest oil company in the US, ConocoPhillips, said its quarterly profit more than doubled yesterday as crude oil and natural gas prices returned to highs not seen since last year and refining results improved.It said quarterly profits rose to $3.1bn (£1.9bn) compared with $1.5bn a year ago.The figures included adjusted profits in its exploration and production unit, which jumped 59 per cent to $1.5bn, while profits at its refining unit rose to $268m, up from $94m a year ago.Third-quarter profits at oil companies including Conoco have all benefited from higher oil and gas prices, while the recovery in the global economy has also increased demand for fuel.Conoco is also halfway through a two-year restructuring plan aimed at reducing debt and improving shareholder returns with stock buybacks and higher dividends.The company said it had reduced its debt-to-capital ratio to 25 per from more than 30 per cent last year and that it wasn’t planning to reduce the ratio any further.As part of its restructuring plans, Conoco also announced its intention to sell $10bn worth of assets to raise cash. So far, Conoco has sold $7bn worth of oil and gas properties. Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesDiscovery23+ Sports Stadiums Around the World That Are Abandoned NowDiscoveryMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comlast_img