HOUSTON -- ConocoPhillips said its fourth-quarter earnings were helped by higher crude-oil and natural-gas prices, but hurt by lower refining and marketing margins.
The integrated oil company also raised its production by 60,000 barrels of oil equivalent per day from the third quarter, as it capitalized on higher prices, reported the Associated Press.
Refining margins, which plagued the sector's third-quarter results, fell further. ConocoPhillips lowered its domestic refinery utilization rate and reduced inventory to help refining [image-nocss] results.
The Houston-based company noted that the weighted average of U.S. refining margins fell to $9.65 per barrel, $5.09 below third-quarter levels. Wholesale gasoline marketing margins fell $1.09 from the previous quarter to post a 43 cent loss per barrel.
ConocoPhillips' exploration and production segment was also hit by $250 million in new production taxes in Alaska. About $100 million of that amount is retroactive from earlier quarters in 2006 and 2007. At the same time, Canada lowered its tax rate, resulting in a $350 million reduction in fourth-quarter expenses.
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