Cono­coPhillips dou­bles profit

Austin American-Statesman - - BUSINESS -

Cono­coPhillips said its sec­ond-quar­ter net in­come more than dou­bled as oil prices in­creased and re­fin­ing mar­gins jumped. The Hous­ton-based oil com­pany also an­nounced plans to sell its en­tire hold­ings in Rus­sian oil com­pany Lukoil by the end of next year.

The com­pany pur­chased a stake in Lukoil, Rus­sia’s largest pri­vate oil com­pany, in 2004, hop­ing to open the door to more ex­plo­ration and pro­duc­tion projects in the re­gion.

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