ConocoPhillips, the third largest U.S. oil company, released its earnings for the second quarter of 2006 on Thursday, showing a surge in net profit attributed to the inclusion of the recently acquired Burlington Resources and high oil prices.
The net income for the second quarter of 2006 was $5.2 billion, an increase of 65 percent from the same quarter a year ago, which was $3.1 billion. Earnings per share
(EPS) rose 40 percent from $2.21 to $3.09 in the same period, a year ago.
Analysts surveyed by Thomson First Call were forecasting earnings of $2.81 a share in the most recent quarter.
The Texas based firmâ€™s second quarter revenues rose 13 percent, from $41.8 billion to $47.1 billion a year ago. The biggest revenue generator came from its exploration and production segment where it recorded a profit of $2,553, up 32 percent from its previous quarter, a year ago of $1,929 million.
The company reported it produced 2.54 million barrels of oil per day.
â€œWe delivered solid results in the second quarter and are pleased with the progress made integrating the Burlington Resources operations with ConocoPhillipsâ€™ global portfolio,â€ said Jim Mulva, chairman and chief executive officer. â€œHowever, we experienced unplanned downtime in both our upstream and downstream businesses, which impacted our operating performance.
In the mid stream sector, the Houston firm announced a lower net profit after the price of natural gas fell.