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ConocoPhillips Q2 Profit Up 1.5%

Thu, 07/31/2014 - 1:21pm
Associated Press

HOUSTON (AP) — ConocoPhillips (COP) on Thursday reported net income that increased by 1.5 percent in its second quarter. The results beat analysts' expectations.

The Houston-based company said profit increased to $2.08 billion, or $1.67 per share, from $2.05 billion, or $1.65 per share, in the same quarter a year ago.

Earnings, adjusted for one-time gains and costs, were $1.61 per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of $1.60.

The energy company said revenue rose 4 percent to $14.7 billion from $14.14 billion in the same quarter a year earlier.

ConocoPhillips shares have climbed $13.98, or 20 percent, to $84.63 since the beginning of the year, while the Standard & Poor's 500 index has risen 6.6 percent. The stock has increased $19.77, or 30 percent, in the last 12 months.

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