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ConocoPhillips' Record 4th Qtr | Oil Watchdog

Press Release

ConocoPhillips' Record 4th Qtr

CONTACT:

Wed, Jan 23, 2008 at 12:52 pm

    ConocoPhillips' Record 4th Qtr

    NEWS RELEASE
    January 7, 2008

    CONTACT: John M. Simpson, 310-392-0522, x317; or cell: 310-292-1902

    ConocoPhillips Rides Oil Prices To Record Earnings As Consumers Face Soaring Costs at the Gas Pump

    First of Big Oil Giants To Report 2007 Profits Had Best 4th Quarter Ever

    Santa Monica, CA — ConocoPhillips reported a 37 percent increase in
    earnings, the best fourth quarter profits in its history, by benefiting
    from record crude oil prices at the expense of hard-pressed U.S.
    consumers facing soaring gasoline prices at the pump, consumer
    advocates said today.

    The first of the Big Oil companies to report 2007 results, Conoco said
    income in the last quarter was $4.4 billion, or $2.71 per share an
    increase from $3.2 billion or $1.91 a share the in the comparable 2006
    quarter.

    “These oil giants post obscene profits, regularly setting new records
    and then stick it to the consumer at the gas pump,” said John M.
    Simpson, consumer advocate with the Foundation for Taxpayer and
    Consumer Rights. “Then instead of using their gains to invest in
    research or to reduce outrageous prices, they simply buy back their
    stock.”

    Conoco, the third largest oil company in the United States, purchased
    $2.5 billion of its own shares in the fourth quarter and $7 billion
    worth over the last year. It has said it expects to buy back between $2
    billion and $3 billion in the first quarter of 2008.

    Financial results for the full year would also have set a record except
    for Venezuela’s nationalizing Conoco’s operations in that country.
    Conco posted net income of $11.9 billion or $7.22 a share compared with
    $15.6 billion or 9.66 a share in 2006. Adjusting for the “second
    quarter Venezuelan impairment”  the oil giant said 2007 income would
    have been $16.4 billion or $9.97 a share billion country.

    “A responsible company would accept equitable profits and reduce prices
    to consumers or perhaps take the long view and make substantial
    investments in research and development,” said Simpson. “Unfortunately
    Big Oil executives are blinded by dollar signs and their history of
    ever soaring record profits.”


    Read an Excel spreadsheet containing ConocoPhillips’ profits for each quarter since 2000 here
    .

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    The Foundation for Taxpayer and Consumer Rights is California’s leading
    non-profit and non-partisan consumer watchdog group. For more
    information visit us on the web at: www.ConsumerWatchdog.org  and
    www.oilwatchdog.org. 

     

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