Concho posts second-quarter profit nearly doubled


Aug 3 - Conocophillips posted a second quarter profit on Tuesday that nearly doubled from the first, helped by higher oil and gas prices and production.

Conocophillips, which purchased the Permian basin producer Concho in January, said prices for its oil and gas averaged $50.03 per barrel of oil equal in the quarter, compared with $45.36 in the first period.

Production, excluding Libya, rose 4% to 1.55 million boes per day in three months ended June 30.

Adjusted earnings rose to $1.72 billion, or $1.27 a share, in the first quarter, from $902 million, or 69 cents per share, in the second quarter.