ConocoPhillips (NYSE:COP) profit causes bears to retreat

ConocoPhillips (NYSE:COP) receives good profit

In brief: ConocoPhillips (NYSE:COP) net income encourages investors to revise views on the further development of the market.

ConocoPhillips (NYSE:COP) said, that its net profit in II quarter has grown dramatically through the sale of several units. The oil company also said it plans to raise additional $ 3.4 billion by the end of the year by implementing a plan to sell all 20% stake in Russian oil giant Lukoil.

Previously, the company announced its intention to sell only half of its stake in Lukoil. ConocoPhillips said that its quarterly profit rose to $ 4.2 billion, or $ 2.77 per share, versus $ 859 million, or 57 cents per share, for the corresponding period last year. In this, about $ 1.7 billion the company received from the sale of assets. Operating profit rose to $ 1.67 per share from 67 cents per share a year earlier. Analysts expect to see this figure at $ 1.48.

Igor Tringlers
2010-07-29 12:50, Economics.

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