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Revenue Unchanged at Conoco

Earnings per share decline as the company takes 37 cents of one-time costs.
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ConocoPhillips

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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

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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,

BP

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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.