Atlanta, GA 7/8/2009 6:47:00 AM
News / Business

ConocoPhillips (NYSE: COP) Says 2Q Oil Production Increased by 100K Barrels

ConocoPhillips (NYSE: COP) said Tuesday that its second-quarter production rose by more than 100,000 barrels from a year ago.


However, due to lower crude and natural gas prices, Conoco’s profit margin is expected to be negatively affected.


The company's shares fell more than 2 percent in early trading, along with all major oil companies. In the past week, the price of crude has dropped more than $10 per barrel.


Over the span of April to June, Conoco global output was about 1.86 million barrels of oil equivalent. The output was 1.75 million barrels in the second quarter of 2008.


Based on the benchmark West Texas Intermediate, the market price for oil fell $64.44 a barrel from the second quarter a year ago and $16.57 a barrel versus this year's first quarter, the company said in its report, citing figures from Platts, a division of McGraw-Hill Cos.


The market price for natural gas fell $7.43 compared with the year-ago period and $1.40 from the first quarter.


The company said its exploration expenses amounted to about $225 million before-tax in the quarter. ConocoPhillips, like other producers, is paring costs where it can because of falling energy prices, according to Associated Press.


The company announced 1,300 job cuts in January and has reduced its capital spending budget by 37 percent this year. The company's first-quarter results, announced in April, plunged 80 percent from a year earlier.


ConocoPhillips is the nation's third-largest oil company behind ExxonMobil and Chevron with annual revenue of $246.2 billion.




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