ConocoPhillips said its fourth-quarter earnings rose 74%,
boosted by a gain from the sale of its Algeria business, while
production declined modestly.
ConocoPhillips has been selling noncore assets to focus on those
with higher returns, such as fast-growing U.S. shale formations. In
the recently ended quarter, ConocoPhillips completed asset sales
for proceeds of $7 billion, including the strategic sale of its
interest in the Kashagan and the Algeria business.
ConocoPhillips reported a profit of $2.5 billion, or $2 a share,
up from $1.43 billion, or $1.16 a share, a year earlier. Excluding
asset-sale impacts, asset write-downs and other items, adjusted
earnings from continuing operations fell to $1.40 from $1.43.
Analysts polled by Thomson Reuters expected a per-share profit of
$1.31.
Production fell 5.9% on an oil-equivalent basis during the
quarter, mostly owing to normal field decline, the impact of a
disruption in Libya and weather-related downtime.
ConocoPhillips spun off its refining arm as Phillips 66 in 2012
as part of a multiyear revamp aimed at improving the company's
finances. On Wednesday, Phillips 66 reported that while its
fourth-quarter earnings rose 17%, refining margins fell across most
regions.
Write to Tess Stynes at tess.stynes@wsj.com
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