Last update: 07-Dec-2013 3:12 am
Saturday, December 07, 2013
Trinidad & Tobago Guardian Online
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TT asset sales boosts ConocoPhillips’ profit
HOUSTON—ConocoPhillips saw its third-quarter profit rise 38 per cent, largely due to the sale of assets. Net income would have risen just five per cent if not for the sales related to undeveloped oil sands in Canada and a property in T&T, the company said yesterday. In August, ConocoPhillips rclosed a transaction with the National Gas Company of T&T Ltd. (NGC) for the of its wholly owned subsidiary Trinidad & Tobago Holdings LLC (TTH) for $600 million. ConocoPhillips made the initial decision to pull out of T&T in late-2003.
The company’s latest financial report shows that overall production from ongoing operations was flat compared to last year, at 1.47 million barrels of oil a day. The company reduced its full-year production estimate to 1.505 million to 1.515 million barrels of oil per day. It had previously said it might produce as much as 1.53 million barrels. The company earned US$2.48 billion, or $2 per share, up from US$1.8 billion, or $1.46 per share, during the same period last year. (AP)
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