ConocoPhillips, an integrated energy company, has reported third quarter net income of $3.7 billion, or $2.23 per share, compared with $3.9 billion, or $2.31 per share, for the same quarter in 2006. The company reported revenues of $46.1 billion, versus $48.1 billion a year ago.
Jim Mulva, chairman and CEO of ConocoPhillips, said: During the third quarter, our upstream business produced 2.2 million BOE per day, including an estimated 0.4 million BOE per day from our Lukoil Investment segment. In the downstream business, our domestic refineries ran at 97% of capacity, an improvement from the previous quarter. Worldwide, our refining crude oil capacity utilization rate improved to 94%.
For the first nine months of 2007, net income was $7.5 billion, or $4.54 per share, including a second quarter, after-tax impairment of $4.5 billion 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 billion, or $7.26 per share, versus net income of $12.4 billion, or $7.78 per share, for the same period a year ago. The company reported the revenues of $134.8 billion, compared with $142.1 billion last year.