ConocoPhillips: Profits Up, Production Down

29 July 2004

ConocoPhillips (COP) reported a 53% increase in profit for the first half of this year, climbing to $3.691 billion from $2.408 billion for the same period last year. Second quarter profit increased a whopping 75% to $2.075 billion from $1.187 billion in 2Q 2003.

Crude oil production declined half to half 2.5%. If we back out the production from the equity affiliates of COP, the decline in consolidated COP production increases to 5.4%

I’ve posted the results in my standard format for this “oil week” below and to the left. Because ConocoPhillips provides some additional regional detail, I plotted the regional changes, half to half, below and to the right. (Click to enlarge.)

For ConocoPhillips, Asia has been the key area of growth, while production in the US and Europe (UK and Norway) steadily declines.