ConocoPhillips 2Q earns more than double; plans to full Lukoil stake by end of next year

ConocoPhillips 2Q earns more than double

NEW YORK — ConocoPhillips said Wednesday its second-quarter income more than doubled as oil prices increased and refining margins jumped.

The Houston oil company reported earnings of $4.16 billion, or $2.77 per share, for the second quarter. That compares with $859 million, or 57 cents per share, in the same part of 2009. Revenue jumped rose to $45.69 billion from $35.45 billion.

Excluding a gain, Conoco earned $1.67 per share in the latest quarter. On that basis, analysts had expected $1.56 per share.

The company also announced the sale of a 7.6 percent stake in Lukoil, Russia’s largest private oil company, for $3.44 billion. Conoco said it now plans to sell the rest of its Lukoil holdings by the end of next year.

Shares rose more than 1 percent in premarket trading.

(This version CORRECTS the year-ago net income figures to $859 million, or 57 cents per share. )