Conoco Profit Falls on Asset Sales as Refining Income Rises

Oct. 26, 2011 05:27PM PST

Bloomberg reported that ConocoPhillips’ (NYSE:COP) quarter three profit dropped due to asset sales as refining income rose.

As quoted in the market news:

Net income dropped 14 percent to $2.62 billion, or $1.91 a share, from $3.06 billion, or $2.05, a year earlier, Houston- based ConocoPhillips said in a statement today. Excluding items such as asset sales and higher taxes in the U.K., profit was about $2.52 a share, 34 cents higher than the average of 18 analysts’ estimates compiled by Bloomberg.

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