Higher crude prices and refining margins helped compensate shrinking production. Earnings from producing oil and gas climbed 72% from a year earlier to $2.5 billion in the second quarter. That came as ConocoPhillips said output of oil and natural gas fell 5.4%.
ConocoPhillips, the third-largest U.S. oil company, reported that its net income fell to $3.4 billion from $4.16 billion a year earlier. Per-share profit, was 20 cents more than the average of 20 analysts’ estimates compiled by Bloomberg.
Earlier this month the company said that it planned to separate its refining and marketing holdings into a new publicly traded company next year. ConocoPhillips also expects by the end of 2012 to sell as much as $17 billion in assets. The company has said production isn’t expected to rise until 2013.