Hit by lower commodity prices, ConocoPhillips net income dropped 76%.
From Steve Gelsi, MarketWatch:
NEW YORK (MarketWatch) -- ConocoPhillips said Wednesday its second-quarter profit fell 76%, but the oil major's bottom line still topped $1 billion as it managed to boost production and lower costs, even as its refining business lost money.
ConocoPhillips (COP 42.87, -2.04, -4.53%) said net income for the three months ended June 30 dropped 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.
