ConocoPhillips net falls on Phillips 66 spin-off
SAN FRANCISCO (MarketWatch) — ConocoPhillips reported late Wednesday its fourth-quarter profit fell to .4 billion, or .16 a share, from .4 billion, or .56 a share, a year ago. The sharply lower results reflect the April 30, 2012, spin-off of the company’s refining and marketing operations to create Phillips 66. Adjusted to exclude one-time items, fourth-quarter earnings were .8 billion, or .43 a share. Analysts surveyed by FactSet, who cite adjusted earnings, had expected the Houston-based oil and gas producer to report a profit of .42 a share. ConocoPhillips shares rose 0.4% to .30 in after-hours trade ahead of the report.
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