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Thursday, January 30, 2014

Conoco profit beats estimates, asset sales help, (NYSE: COP)

ConocoPhillips, the largest U.S. oil company without refining operations, said on Thursday its fourth-quarter profit rose more than expected, helped by the sale of its Algerian business and production of more North American crude oil.Conoco, which shed its refining business in 2012, has sold billions of dollars of lower-yielding assets to focus on more profitable oil production from North American shale basins, like the Eagle Ford in south Texas.Now that strategy is beginning to pay off, analysts said.In a note to clients, Ed Westlake of Credit Suisse dubbed Conoco the best performing large oil company, citing 7 percent growth in cash flow despite asset sales, a reduced share count and more cash on the balance sheet.

ConocoPhillips explores for, produces, transports and markets crude oil, natural gas, natural gas liquids, liquefied natural gas and bitumen on a worldwide basis. Shares of COP fell by 0.08% or $-0.05/share to $65.77. In the past year, the shares have traded as low as $56.38 and as high as $74.59. On average, 4699870 shares of COP exchange hands on a given day and today's volume is recorded at 1591559.