ConocoPhillips’ second quarter earnings fell 76 percent on lower commodity prices and margins, the company said today.

Net profit in the second quarter was $1.3 billion or 87 cents per share, compared with $5.44 billion or $3.50 per share in the same quarter of 2008. Analysts expected a profit of 86 cents per share, according to a Reuters forecast.

“Although we experienced significantly lower commodity prices and margins than in the second quarter of last year, we delivered solid operational results during the quarter,” said the firm's chief executive officer Jim Mulva in a statement today.

Conoco's total production in the second quarter was 2.3 million barrels of oil equivalent per day and its worldwide refining crude oil capacity utilization rate was 88 percent, the company said.

Shares of ConocoPhillips were trading down 0.77 percent or 35 cents to $44.90 each on the New York Stock Exchange Wednesday morning.