HOUSTON — Record crude prices helped ConocoPhillips’ second- quarter profit climb 13 percent from adjusted results a year ago, beginning what is expected to be a string of robust earnings announcements from major oil companies.
The Houston-based company said Wednesday net income rose to $5.44 billion, $3.50 a share, for the April-June period, from $301 million, 18 cents a share, last year. A year ago, ConocoPhillips incurred a $4.5 billion charge related to its former assets in Venezuela.
Quarterly revenue rose to $71.4 billion from $47.4 billion a year ago.
On average, Wall Street analysts surveyed by Thomson Financial expected earnings per share of $3.40.
ConocoPhillips shares fell $1.77, 2.1 percent, to $82.54 in afternoon trading. They have traded between $67.85 and $95.96 in the past year.
Brian Youngberg, an analyst with Edward Jones, said production volumes again were below the prior-year period — a disturbing pattern related to maturing fields, planned and unplanned maintenance, and other factors.
Youngberg said the company might have to increase production to meet full-year goals.
