Jan 28, 2009

Experience Momentary Joy

Good news!

A slew of huge writedowns in asset values as well as plummeting oil and natural gas prices pushed ConocoPhillips to a $31.76 billion loss in the fourth quarter of 2008, reflecting adjustments forced by poor market conditions amid the global recession.

Ha! Suck it bitch!

However, excluding the one-time charges, unprecedented triple-digit crude prices in the first nine months of 2008 led the Houston-based company to an annual profit of $16.4 billion, or $10.66 per share, up from $15.15 billion, or $9.21 per share, in 2007.


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