ConocoPhillips Profits Up 89%
It has been a very good time for ConocoPhillips. The higher oil prices and the issue with oil refining here in the U.S. has resulted in an 89% increase in profits.
The Houston company’s net profit in the third quarter rose to $3.8 billion, or $2.68 a share, compared with $2.01 billion, or $1.43 a share, a year earlier.
I’m not sure how much of those billions are in rents that are due to the environmental regulations regarding refineries and boutique blends of gasoline, but I bet it is pretty significant.