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Online Stock Market Trading High crude oil and natural gas prices fueled a surge in second-quarter profits at two of the largest U.S. energy producers.

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Stock Investing Course ConocoPhillips (COP.N), the No. 3 U.S. oil company, on Wednesday reported better-than-expected earnings, thanks to high energy prices, strong production and the addition of Conoco Inc. assets last year.

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Stock Market Game Kerr-McGee Corp. (KMG.N), a top-10 oil producer, swung to a profit after a loss last year triggered by a series of charges.

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Stock Investing Game Shares of both companies rose modestly.

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Journal Prime Rate Street Wall Houston-based ConocoPhillips, formed last year when Phillips Petroleum combined with Conoco, reported net income of $1.14 billion, or $1.66 a share. The company did not include Conoco's financial and operating information in year-ago results.

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Stock Market News Excluding one-time items and income from businesses to be sold, earnings were $1.58 a share, beating the average analyst estimate by 14 cents, according to Reuters Research, a unit of Reuters Group Plc.

Stock Investing Basics ``Their exploration and production business blew away my estimates,'' said Jack Aydin, analyst at McDonald Investments.

Stock Investing Software Results included $160 million in merger charges and losses on some leases, offset by $142 million in gains related to a repealed tax law in Norway and from increased ownership of the Bayu-Undan project near Indonesia.

Stock Market Trading Compared with the first quarter, ConocoPhillips said, revenue fell 5.5 percent to $25.6 billion as oil and gas prices slipped from record levels. Exploration and production income from continuing operations fell 5.9 percent to $1.07 billion.

Stock Investing For Dummy Gas and oil production averaged 1.64 million barrels per day, an increase of 14,000 bpd from the first quarter, driven by recovering output in Venezuela.

Stock Market Crash ``Oil prices are holding together very well,'' said George Gaspar, analyst at Robert W. Baird & Co. ``The market is still short of crude and finished product.''

Stock Investing Tip And natural gas prices, though falling from first-quarter levels, are still double the average price of the late 1990s.

Stock Market Chart ConocoPhillips' refining and marketing earnings fell 19 percent to $301 million from the first quarter as refining margins narrowed. The company saw higher sales, wider marketing margins and lower maintenance costs.

Online Stock Investing Worldwide, refineries ran at 96 percent of capacity, up from 92 percent in the first quarter.

Stock Market Crash Of Another pleasant surprise came from ConocoPhillips' chemicals joint venture with ChevronTexaco Corp. (CVX.N), which posted a $12 million profit, compared with a $23 million loss in the first quarter. Falling raw material and energy costs boosted margins.

Stock Investing For Beginner Oklahoma City-based Kerr-McGee reported net income of $69.6 million, or 68 cents a share, compared with a net loss of $58 million, or 58 cents, last year, when the company recorded $212.6 million in charges for the impairment of assets and legal and environmental costs.

Finance Journal Personal Earnings excluding results from sold-off assets, an accounting change and one-time items was $1.07 a share. Analysts were expecting 81 cents a share, according to Reuters Research.

Stock Market Report Kerr-McGee's average daily oil production fell 18 percent to 154,800 bpd from last year, reflecting the sale of $1 billion in properties during the past year. Sales rose 15 percent to $1.07 billion from the prior-year quarter.

Finance Investing Stock Market Shares of ConocoPhillips gained 54 cents, or 1 percent, to $52.49 on the New York Stock Exchange while Kerr-McGee's stock added 34 cents, or 0.8 percent, to $44.22, also on the NYSE.

Wall Street Journal Com Reuters - 7/30/2003

Topic: Petroleum Industry

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