ConocoPhillips has reported a 37 percent increase in fourth quarter profits, with a net income of US$4.37bn compared to US$3.2bn for the same quarter in 2006.
During the fourth quarter, Conoco's upstream business produced 2.26 million boe per day including its share of oil company Lukoil's production, with E&P income hitting US$2.6bn, compared with third-quarter net income of US$2.1bn.
The company, which ended the last quarter with debts, has generated US$6.9bn from operations, with increases in E&P primarily due to higher realised commodity prices and Canadian tax-rate reductions.
ConocoPhillips predicts first-quarter E&P segment production will be approximately 1.8 million boe per day, with exploration expenses in the range of US$250m to US$300m for the quarter.
Earlier this week, the company acquired a 50 percent ownership interest in the Keystone oil pipeline, part of a Memorandum of Understanding whereby ConocoPhillips will ship crude oil from Canada to the US.
By Ozge Ibrahim
