HOUSTON -- ConocoPhillips has reported fourth-quarter net income of $3.679 billion, or $2.61 per share, compared to $2.432 billion, or $1.72 per share, for the same quarter in 2004. Total revenues were $52.2 billion, versus $40.1 billion a year ago.
Income from continuing operations for the fourth quarter was $3.782 billion, or $2.69 per share, compared to $2.48 billion, or $1.76 per share, for the same period a year ago.
During the fourth quarter, our Gulf Coast operations continued to be impacted due to effects from the hurricanes. [image-nocss] Otherwise, our operations ran well, said Jim Mulva, chairman and CEO.
For the 12 months of 2005, net income was $13.529 billion, or $9.55 per share, versus $8.129 billion, or $5.80 per share, for 2004. Income from continuing operations was $13.64 billion, or $9.63 per share, compared with $8.107 billion, or $5.79 per share, for the same period a year ago. Total revenues were $183.4 billion, versus $136.9 billion a year ago.
Exploration & Production
Fourth-quarter financial results: E&P income from continuing operations was $2.430 billion, up from $2.288 billion in third-quarter 2005 and $1.671 billion in fourth-quarter 2004.
12-month financial results: E&P income from continuing operations in 2005 was $8.434 billion, up from $5.702 billion in 2004.
Midstream
Fourth-quarter financial results: Midstream income from continuing operations was $147 million, up from $88 million in the prior quarter and up from $100 million in fourth-quarter 2004.
12-month financial results: Midstream income from continuing operations in 2005 increased to $688 million, from $235 million in 2004.
Refining & Marketing
Fourth-quarter financial results: R&M income from continuing operations was $1.056 billion, down from $1.39 billion in the previous quarter and up from $753 million in fourth-quarter 2004. The decrease from third-quarter 2005 primarily was the result of lower worldwide refining margins; continued hurricane-related volume and cost impacts; higher utility and turnaround costs; and increased taxes, partially offset by higher worldwide marketing results. The increase from fourth-quarter 2004 primarily was a result of improved refining margins and marketing results, partially offset by ongoing hurricane-related volume and cost impacts, as well as higher utility costs.
Domestic fourth-quarter refining market crack spreads decreased relative to the third quarter, moderated by the company's refining configuration, which is more heavily weighted toward distillates. U.S. refineries operated at 85% of crude oil capacity utilization as hurricane-related downtime impaired fourth-quarter throughputs. Excluding the Alliance and Lake Charles refineries in Louisiana, the company's domestic crude oil capacity utilization rate improved 2%. Compared with the prior quarter, U.S. marketing results improved. U.S. marketing margins for the quarter were slightly higher than pre-hurricane levels.
12-month financial results: R&M income from continuing operations in 2005 increased to $4.256 billion, compared with $2.743 billion in 2004. The increased earnings were driven by higher worldwide refining margins, partially offset by hurricane-related volume and cost impacts, higher utility costs, and foreign exchange losses.
Mulva said, In downstream, we expect worldwide utilization rates in the first quarter to be consistent with the previous quarter due to scheduled turnaround activity. Our incremental U.S. investment program of $4 billion to $5 billion over the next five to six years will result in expanded capacity and increased refining flexibility.
Separately, New York City-based Amerada Hess Corp. has reported net income of $452 million for fourth-quarter 2005 compared with net income of $229 million for fourth-quarter 2004. For the full year, net income was $1.242 billion compared with $977 million in 2004.
Exploration & Production earnings were $298 million in fourth-quarter 2005 compared with $211 million in fourth-quarter 2004.
Refining & Marketing earnings were $229 million in fourth-quarter 2005 compared with $93 million in fourth-quarter 2004. Refining earnings were $83 million in fourth-quarter 2005 compared with $36 million in fourth-quarter 2004. The increased refining earnings reflect higher refined product margins. Marketing operations generated earnings of $131 million in fourth-quarter 2005, compared with $64 million in the same period of 2004, principally reflecting higher margins on refined product sales, increased sales volumes and income of $25 million ($40 million before income taxes) from the partial liquidation of prior year LIFO inventories.
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