- Plunging Yields Take Shine Off Treasurys
- Job Losses Hit 533,000 Last Month, Worst in 34 Years
- Citigroup Sells German Arm for $6.7 Billion
- Charts Predict S&P Festive Rally Above 1,000
- BMW's Global Sales Plunge by a Quarter in Nov.
- What the Pros Say: S&P May Fall to 700
- Bleak Jobs Data Forecasts Add to Automakers' Woes
- Euro Shares Sink after Grim US Jobs Data
- European Stocks to Open Sharply Lower
- Pfizer's Statin Study: What An Email Response!
- PGA Spokesman: Sponsors Believe In Us For Long Term
- Kilduff: Expect Rebound In Oil Prices Early 2009
- How to Move Forward After a Layoff, Part 2
- Jobs Numbers: Breakdown by Sector
- Congress And Automakers: Long And Difficult "Marriage" Ahead
- Great Companies Come at Fair Prices
- Yoshikami: Investing & the Obama Presidency
- Wall of Shame: Fortress Investment's Wes Edens
Text Size 
Oil and gas producer ConocoPhillips said Tuesday its second-quarter oil production fell 60,000 barrels of oil equivalent per day from the first quarter, due mostly to planned maintenance.
 |
The company previously said its output in the quarter would slip, but investors appeared disappointed by the figures and pushed Conoco [COP Loading... ()] shares down roughly 2 percent in morning trade.
Conoco cited benchmark oil price data that showed crude prices nearly doubled in the quarter from the previous year and rose nearly $25 from the first quarter.
Crude oil futures in New York reached a record above $145 a barrel on July 3.
The Houston-based company also said that while benchmark refinery margins improved in the second quarter versus the first quarter, its profits were hurt by the negative impact from secondary products, such as fuel oil, natural gas liquids and petroleum coke.
Conoco further said it would take a $120 million after-tax charge to bring its earnings from its investment in LUKOIL into alignment with the figures released by the Russian company in June.
Print
Email
Del.icio.us
Digg It
Data is a real-time snapshot *Data is delayed at least 15 minutes