ConocoPhillips: 2Q Earnings Snapshot
HOUSTON (AP) _ ConocoPhillips (COP) on Thursday reported second-quarter net income of $1.64 billion, after reporting a loss in the same period a year earlier.
On a per-share basis, the Houston-based company said it had net income of $1.39. Earnings, adjusted for non-recurring gains, came to $1.09 per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.06 per share.
The energy company posted revenue of $9.24 billion in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $9.79 billion.
ConocoPhillips shares have increased 30 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 6.5 percent. The stock has risen 64 percent in the last 12 months.