At the double: Burlington's net profit has soared to more than twice its level in the same period a year ago
Burlington flying high
Burlington Resources said today its fourth-quarter net profit for 2005 has more than doubled from the previous year due to higher energy prices, while full-year 2005 net income was $2.7 billion, about 80% higher than 2004.
The company reported estimated fourth-quarter earnings of $927 million, or $2.45 per share, compared with $400 million, or $1.02 per share, a year earlier.
This included after-tax charges totalling 23 cents per share that were partially offset by a 20 cents per share after-tax gain on the sale of Permian basin royalty trust units.
Revenue increased to $2.37 billion from $1.56 billion a year ago.
Total production for the fourth quarter was 2.89 billion cubic feet of natural gas equivalent per day, slightly up on 2.85 Bcfe per day a year ago.
On 12 December 2005, Burlington said that ConocoPhillips would acquire the company for a consideration that includes $46.50 in cash and 0.7214 shares of ConocoPhillips stock for each share of Burlington stock.
The transaction is anticipated to be completed during the first half of 2006.