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ConocoPhillips reported USD 3.4 bln second-quarter earnings

July 28/2011

(Arabian oil and gas) -- ConocoPhillips reported USD 3.4 billion second-quarter earnings and USD 3.4 billion adjusted earnings. This compares with second-quarter 2010 earnings of USD 4.2 billion and adjusted earnings of USD 2.5 billion.

The Q2 report follows the comapny's announcement that it will split it's upstream and downstream businessness, with the downstream side spun off into a new, independent, publicly-listed company.

ConocoPhillips recently announced its Board had approved pursuing the separation of the company's Exploration & Production (E&P) and Refining & Marketing (R&M) businesses into two leading energy companies. Both companies will be uniquely positioned in their respective industries, with the management focus, financial strength and technical capability to successfully invest in the industry's highest returning projects.

The upstream company will be the largest U.S. pure-play E&P business, positioned for profitable growth from a rich resource base and a portfolio of quality investment opportunities.

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