June 2007 -- It's a good time to be in the oil business. Take, for example, Houston, Texas-based ConocoPhillips, which reported first-quarter net income of $3.5 billion. This compares with $3.2 billion for the same quarter in 2006.
"Operating performance for the quarter was consistent with our plans and we continued to progress the execution of our financial strategy," said Jim Mulva, chairman and CEO. "With respect to our upstream operations, we produced 2.47 million barrels of oil (BOE) per day, including an estimated 0.45 million BOE per day from our LUKOIL Investment segment. In our downstream business, the crude oil capacity utilization rate was 94 percent during the quarter."
ConocoPhillips operates in more than 40 countries, and has approximately 38,700 employees worldwide and assets of $173 billion. The company's crude oil refining capacity as of Jan. 1, 2007, was 2,729,000 barrels per day, down from 2,901,000 barrels per day at year-end 2006, reflecting the contribution of the company's Wood River (Roxana, Ill.) and Borger (Texas) refineries to the downstream business venture with EnCana. The domestic refining crude oil capacity utilization rate for the first quarter was 95%, compared with 96% in the previous quarter. The international crude oil capacity utilization rate was 90%, compared with 87% in the previous quarter.
For further financial information visit http://www.conocophillips.com/investor/index.htm.
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