(Bloomberg) -- ConocoPhillips, the third-largest
U.S. oil producer, said second-quarter profit tumbled 94 percent
after Hugo Chavez's government seized the company's assets in
Venezuela.
Earnings dropped to $301 million, or 18 cents a share, from
a record $5.19 billion, or $3.09, a year earlier, Houston-based
ConocoPhillips said today in a statement. Writing off the
Venezuelan properties reduced net income by $4.51 billion.
Read more at Bloomberg Energy News
U.S. oil producer, said second-quarter profit tumbled 94 percent
after Hugo Chavez's government seized the company's assets in
Venezuela.
Earnings dropped to $301 million, or 18 cents a share, from
a record $5.19 billion, or $3.09, a year earlier, Houston-based
ConocoPhillips said today in a statement. Writing off the
Venezuelan properties reduced net income by $4.51 billion.
Read more at Bloomberg Energy News
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