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ConocoPhillips 2Q profit drops but tops estimates
After shedding assets last year, ConocoPhillips 2Q profit falls 18 percent
By The Associated Press

NEW YORK (AP) ' ConocoPhillips says its second quarter profit dropped 18.3 percent but beat expectations. The year-ago quarter benefitted from large gains as the company shed assets.

The Houston oil and natural gas company on Wednesday reported earnings of $3.4 billion, or $2.41 per share, for the April-June period. That compares with $4.2 billion, or $2.77 per share, for the same part of 2010 when Conoco reported $2.9 billion in asset sales.

Revenue increased 34 percent to $67 billion.

Analysts had expected earnings of $2.20 per share on revenue of $57.9 billion, according to FactSet.

Conoco announced earlier this month that it would follow crosstown rival Marathon Oil and split into two companies: one that focuses on exploration and production, and another that refines oil into gasoline and other fuels.

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