Conoco’s Results, Not Bad

Posted: January 24, 2007 at 8:52 am

ConocoPhillips (COP) reported earnings of $3.2 billion down from $3.68 billion in the same quarter a year ago. Revenue fell sharply from $51.3 billion to $41.5 billion.

But, oil did spike to $55 a barrel yesterday.

The company has had a little rally recently going from $62.50 three days ago to hit $65.27 yesterday. The shares are hinting that they will trade higher at the open.

Mediocre results. Rising oil prices.

Hope springs eternal.

Douglas A. McIntyre can be reached at douglasamcintyre@247wallst.com. He does not own securities in companies that he writes about.

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