ConocoPhillips Posts $410-Million Loss
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ConocoPhillips, the third-largest U.S. oil company, had a loss of $410 million in the fourth quarter after more than $1 billion in expenses to sell or close hundreds of service stations eroded the benefit of rising prices.
ConocoPhillips, which was created by the Aug. 30 merger of Conoco Inc. and Phillips Petroleum Co., had a per-share loss of 60 cents, the company said.
That compares with a net income of $162 million, or 42 cents, in the same period of 2001. Revenue rose to $23.5 billion from $8.7 billion.
The company plans to shed most of the 3,700 service stations it owns, incurring costs that erased profit gains from oil and natural-gas production.
ConocoPhillips, the largest U.S. oil refiner, is selling assets and cutting capital spending to reduce debt, which was about $20 billion.
Shares of ConocoPhillips rose $2.10, or 4.6%, to $48.01 on the NYSE.
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