PennyPic.com

October 29, 2009 11:00 ET

PennyPic.com Reports on ConocoPhillips Decrease in Profit

MIAMI, FLORIDA--(Marketwire - Oct. 29, 2009) - PennyPic.com is following energy profit reports from ConocoPhillips who recently announced that their third quarter 2009 profit dropped by approximately 71%. Despite the company's increase in production ConocoPhillips was hit hard by the decrease in crude and natural gas prices. Net Income for the third quarter fell from $5.19 billion for third quarter 2008 to $1.5 billion for the same quarter 2009. http://www.PennyPic.com.

The price of oil in the United States plummeted to $68.42 per barrel from a record $147.27 in July 2008. Earlier this month ConocoPhillips had announced they would be selling about $10 billion worth of assets over the next two years for the reduction of company debt and enhanced returns. ConocoPhillips is the first major oil producer to report third quarter earnings this year. To receive detailed information from PennyPic, visit our website at http://www.PennyPic.com.

ConocoPhillips third quarter oil and gas production for the company increased to 1.79 million barrels of oil per day. According to the Natural Gas Supply Association, in the U.S. ConocoPhillips was the sixth largest producer of gas for the first half of the year. The company's production was increased mainly due to new production from international project developments, higher operating efficiency and a lower royalty rate.

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