ConocoPhillips Reports Q4 Income of $3.2 Billion

ConocoPhillips has reported fourth-quarter net income of $3.2 billion, or $1.91 per share, which includes a $0.17 per share reduction due to previously disclosed impairments. This compares with $3.6 billion, or $2.61 per share, for the same quarter in 2005. Revenues were $41.5 billion, versus $51.3 billion a year ago.
Fourth-quarter net income was negatively impacted $0.17 per share by two previously disclosed impairments. Refining and Marketing results were impacted by an after-tax impairment of $192 million related to certain domestic marketing assets held for sale. Exploration and Production results included an after-tax asset impairment of $93 million due to declining well performance and drilling results in the Canadian Rockies Foothills area.
For the twelve months of 2006, net income was $15,550 million, or $9.66 per share, versus $13,529 million, or $9.55 per share, for 2005. Revenues were $183.7 billion, versus $179.4 billion a year ago.
ConocoPhillips is an integrated petroleum company with interests around the world. Headquartered in Houston, the company had approximately 38,400 employees, $165 billion of assets, and $184 billion of revenues as of December 31, 2006. The company employs 2,700 at its Bartlesville site.

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