NEW YORK (Reuters) - ConocoPhillips (COP), the No. 3 U.S. oil company, on Wednesday reported a 65 percent surge in quarterly profit, boosted by sharply higher crude oil prices and the recent acquisition of Burlington Resources.
But the company warned production in the third quarter would be hurt by seasonal maintenance scheduled in Alaska, the United Kingdom and Venezuela and take a $400 million charge over higher U.K. tax rates.
Net income in the second quarter rose to $5.19 billion, or $3.09 a share, from $3.14 billion, or $2.21 a share, in the year-earlier quarter.
Analysts on average expected the company to report a profit of $2.79 a share, according to Reuters Estimates.
Revenue jumped to $47.1 billion, up from $41.8 billion in the year earlier quarter. :scared
Oil and gas companies are enjoying another blockbuster quarter as crude oil prices stay at stubbornly high levels, driven by anxiety over violence spreading in the Middle East.
But the company warned production in the third quarter would be hurt by seasonal maintenance scheduled in Alaska, the United Kingdom and Venezuela and take a $400 million charge over higher U.K. tax rates.
Net income in the second quarter rose to $5.19 billion, or $3.09 a share, from $3.14 billion, or $2.21 a share, in the year-earlier quarter.
Analysts on average expected the company to report a profit of $2.79 a share, according to Reuters Estimates.
Revenue jumped to $47.1 billion, up from $41.8 billion in the year earlier quarter. :scared
Oil and gas companies are enjoying another blockbuster quarter as crude oil prices stay at stubbornly high levels, driven by anxiety over violence spreading in the Middle East.
