US ConocoPhillips Q2 profit down 19% on Libya’s conflict
28 Jul 2011
(MENAFN) ConocoPhillips’ chief executive, Jim Mulva, said that in the second quarter, the US third largest oil company’s profit fell 19 percent from USD4.2 billion in 2010 to USD3.4 billion due to Libya’s civil war which disrupted oil exports, reported The National.
Mulva added that the company owned a 16.3 percent stake in Libya’s Waha concession at the Sirte Basin, where the company had to withdraw its foreign workers and to halt oil exports.
He also said that the company planned to shed USD17 billion of assets by the end of 2012 to make cash available for share buy-backs, moreover, the firm, along with other international oil companies, was subject of inquiries from the US Securities and Exchange Commission over its operations in Libya.
It is worth noting that ConocoPhillips’s said that it will split the company into two firms, one focused on pumping oil ground and the other on refining it.