Profit slump: for ConocoPhillips
ConocoPhillips takes a beating
US supermajor ConocoPhillips saw a 71% slide in quarterly profit as weak demand for fuel hurt its refining business and oil prices fell from last year's highs.
ConocoPhillips reported a third-quarter profit of $1.5 billion, or $1 per share, compared with $5.2 billion, or $3.39 per share a year earlier.
Year-to-date output from the company's exploration and production arm, excluding its 20% stake in Lukoil, averaged 1.86 million barrels of oil equivalent per day, up from 1.76 million boed a year earlier.
Revenue was $40 billion, down sharply from $70 billion a year earlier.
Shares of the Houston company fell slightly to $51.37 in premarket trade, down from Tuesday's New York Stock Exchange close of $51.40.