said its third-quarter revenue was little changed year over year, but earnings per share dropped as various one-time costs cut its profits.
Earnings totaled $3.88 billion, or $2.31 a share, after items reduced Conoco's net by 37 cents. The company earned $3.80 billion, or $2.68 a share, for the same quarter in 2005.
Revenue was $48.4 billion, down slightly from $48.7 billion a year ago.
"Overall, we had consistent operations for the quarter. We produced 2.47 million
barrels of oil equivalent per day, including an estimated 0.44 million BOE per day from our
Investment segment," said Jim Mulva, chairman and chief executive. "Upstream results were negatively impacted by the unexpected partial shut-down of the partner-operated Prudhoe Bay oil field in Alaska, as well as planned downtime in other areas."
During the quarter,
took about half of Prudhoe Bay offline in order to perform pipeline repairs. Meanwhile, Conoco said its asset-selling program is advancing as planned and should generate proceeds of $3 billion to $4 billion when it's completed next year.
The Houston-based oil giant expects fourth-quarter upstream production to increase, reflecting the resumption of operations at Prudhoe Bay, normal seasonality, and less scheduled downtime in the U.K. and Venezuela, partially offset by production-sharing contract impacts in the Timor Sea.