Even COP is feeling the pinch
NEW YORK (MarketWatch) -- ConocoPhillips said Wednesday its second-quarter profit fell by more than $4 billion to $1.3 billion, or 87 cents a share, from $5.4 billion, or $3.50 a share in the year-ago period. The Houston-based oil giant was expected to earn 85 cents a share, according to a survey of Wall Street analysts by FactSet Research. The company's exploration and production unit earned $725 million, down from $4 billion. "The decrease was primarily due to the impact of significantly lower commodity prices, partially offset by higher volumes and lower operating costs," the company said
quarterly, page-3
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