ConocoPhillips Reports Third Quarter Earnings

ConocoPhillips [NYSE:COP] reported third-quarter net income of $3,673 million, or $2.23 per share. This compares with $3,876 million, or $2.31 per share, for the same quarter in 2006. Revenues were $46.1 billion, vs. $48.1 billion a year ago.

"During the third quarter, our upstream business produced 2.2 million boe/d, including an estimated 0.4 million boe/d from our LUKOIL Investment segment," said Jim Mulva, chairman and CEO.

For the first nine months of 2007, net income was $7,520 million, or $4.54 per share, including a second-quarter, after-tax impairment of $4,512 million in the Exploration and Production segment related to the expropriation of the company’s Venezuelan oil projects.

Earnings for the first nine months of 2007 adjusted for the Venezuela impairment were $12,032 million, or $7.26 per share, vs. net income of $12,353 million, or $7.78 per share, for the same period a year ago. Revenues were $134.8 billion, vs. $142.1 billion a year ago.

E&P third-quarter net income was $2,082 million, compared to second-quarter earnings adjusted for the Venezuela impairment of $2,108 million, and third-quarter 2006 net income of $1,904 million.

Daily production from the E&P segment, including Canadian Syncrude and excluding the LUKOIL Investment segment, averaged 1.8 MMboe/d, a decline from 1.9 MMboe/d in the previous quarter and 2.0 MMboe/d in the third quarter of 2006.

Before-tax exploration expenses were $218 million in the third quarter of 2007, compared with $259 million in the previous quarter and $197 million in the third quarter of 2006.

E&P net income for the first nine months of 2007 was $2,007 million, or earnings of $6,519 million adjusted for the second-quarter 2007 Venezuela impairment. This compared to $7,761 million of net income for the same period in 2006.

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