The Wall Street Journal-20080124-Earnings Digest -- Oil- ConocoPhillips
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Earnings Digest -- Oil: ConocoPhillips
ConocoPhillips' fourth-quarter net income rose 37% as the price it received for a barrel of oil jumped 53%, more than offsetting rising taxes and production lost to asset expropriations. The company reported an $11.89 billion profit in 2007, down 24% from $15.55 billion in 2006. The loss is due to a charge Conoco took last year after it walked away from its Venezuelan assets rather than face a government takeover. Chief Executive Jim Mulva said the company planned capital spending in 2008 of $13.5 billion to $15.5 billion. Earnings from Conoco's refining and marketing business jumped 22% in the quarter to $1.12 billion. The company said it plans to buy back $2 billion to $3 billion in shares in the first quarter.
