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Home  >  austin accounting  >  3Q profit drops for ConocoPhillips

3Q profit drops for ConocoPhillips

Posted on Wednesday, October 26th, 2011 at 7:23 pm.

The Houston-based oil company, ConocoPhillips, reported a 14 percent profit drop for it’s third quarter. ConocoPhillips claims the loss is partially because of losses in production for both Libya and China.

The earnings that were recorded for the third quarter are $2.62 billion. Adjusted earnings were calculated at $3.45 billion. Sales of assets have been ongoing in order for Conoco  to divide into two companies. One of the companies will focus on exploration and manufacturing while the other will center around mainly oil.

ConocoPhillips is focusing their efforts on reforming the company.

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