HOUSTON -- ConocoPhillips has reported fourth-quarter net income of $4.371 billion, or $2.71 per share. This compared with $3.197 billion, or $1.91 per share, for the same quarter in 2006. Revenues were $52.7 billion, versus $41.5 billion a year ago.
For 2007, net income was $11.891 billion, or $7.22 per share. Revenues were $187.4 billion, versus $183.7 billion a year ago.
Upstream, exploration and production (E&P) fourth-quarter net income was $2.608 billion, compared with third-quarter net income of $2.082 billion, and fourth-quarter 2006 net income of $2.087 billion. E&[image-nocss] P net income for 2007 was $4.615 million. This compared with $9.848 billion of net income for 2006.
The midstream segment had fourth-quarter net income of $162 million, up from $104 million in the previous quarter and $89 million in fourth-quarter 2006. Midstream net income for 2007 was $453 million, down from $476 million in 2006.
Refining and marketing (R&M) R&M net income was $1.122 billion in the fourth quarter, down from $1.307 million in the previous quarter and up from $919 million in fourth-quarter 2006. The decrease from the previous quarter was primarily due to a lower net benefit from the company's asset rationalization efforts. This decrease was partially offset by slightly higher realized worldwide refining margins. In the United States, although market indicators were lower, the company's realized margins benefited from planned inventory reductions and improved refining market capture due to crude differentials and clean product yield.
The increase from fourth-quarter 2006 was primarily due to higher realized worldwide refining margins and net benefits from the company's asset rationalization efforts.
The domestic refining crude oil capacity utilization rate for the fourth quarter was 96%, a 1% decrease from the previous quarter due to higher turnaround activity, partially offset by lower unplanned downtime.
R&M net income for 2007 was $5.923 billion, up from $4.481 billion in 2006. The increase was primarily due to the company's asset rationalization efforts and higher realized worldwide refining margins. Net income benefited from higher Gulf and East Coast refining volumes. The improvement in net income was partially offset by lower marketing sales volumes due to the marketing disposition program, among other factors.
Houston based ConocoPhillips had $178 billion of assets and $187 billion of revenues as of Dec. 31, 2007.
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