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ConocoPhillips Reports Soaring Profits


ConocoPhillips, the third-largest U.S.-based oil company, reports an 89 percent jump in profits to a record $3.8 billion for the third quarter.

Earnings for the three-month period ending in September reflected strong prices for the company's crude oil and natural gas.

ConocoPhillips' officials say their U.S. Gulf Coast operations were "significantly" hurt by hurricanes, but say repairs to refineries and other facilities are well under way. They call the company's operating performance "good."

Conoco is the first of the major U.S. oil companies to report third-quarter earnings. ExxonMobil, the world's largest publicly traded company, is scheduled to release results on Thursday. Chevron, the number two producer, is set to report earnings on October 28.

An investment analyst says those companies are also expected to report increased profits.

Some information for this report provided by AP and Reuters.

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