Conoco, Phillips Profits Decline
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Conoco Inc. and Phillips Petroleum Co., which plan to merge this year, reported second-quarter profit declines after oil and natural gas prices dropped.
Conoco’s net income fell 76% to $130 million, or 20 cents a share, from a year earlier after the company lost money making and selling fuels in the U.S.
Phillips’ earnings dropped 43% to $351 million, or 91 cents, partly because oil and gas production decreased 2.9%.
Phillips had a first-quarter loss after losing $88 million from refining and selling fuel, and Conoco’s profit fell for the fourth quarter in a row.
Shares of Houston-based Conoco fell 54 cents to $21.36, and Phillips, based in Bartlesville, Okla., declined 66 cents to $45.74, both on the NYSE.
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