ConocoPhillips 4Q earnings jump 54 percent

January 26, 2011 6:46:20 AM PST
ConocoPhillips says its fourth-quarter earnings jumped 54 percent despite a drop in production as crude prices increased. The Houston company, on Wednesday reported net income of $2 billion, or $1.39 per share, for the final three months of 2010.

That compares with $1.3 billion, or 86 cents per share, a year earlier. Revenue grew 22 percent to $53.2 billion.

Excluding special items, Conoco said it earned $1.9 billion, or $1.32 per share, in the period.

Analysts, which typically exclude special items, had expected earnings of $1.29 per share in the fourth quarter on revenue of $47.3 billion, according to FactSet.

Its shares rose 32 cents to $67.80 in pre-market trading.