IT’S ALL ABOUT OIL: Higher oil prices made up for what would have been a weak quarter for ConocoPhillips. A 27 percent increase in prices more than compensated for a 25 percent drop in production. Conoco first quarter profit rose 43 percent to $ 3 billion.
A seller’s market: The rise in oil prices allows companies to earn more while producing less, and it also increased the value of their assets.
A new direction: ConocoPhillips earned $ 3 billion in first quarter profit, while shifting activities closer to home. Conoco has been aggressively shedding assets as it focuses more on developing oil sands in Canada and underground shale deposits in North America.
source:bussinesweek
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