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 [email protected]. He does not own securities in companies that he writes about.
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