NEW YORK (Reuters) – BP Plc (BP.L) and ConocoPhillips (COP.N) reported disappointing quarterly earnings on Wednesday as both oil giants' crude oil production declined, offsetting the windfall from soaring energy prices.
BP's profits slipped 2 percent because of costs related to the disastrous Gulf of Mexico oil spill last year, while Conoco's output suffered from the conflict in Libya and pipeline problems in North America.
Crude oil prices surged nearly 40 percent in the quarter from the previous year, and margins to turn oil into gasoline and diesel have fattened, raising expectations that world's biggest oil companies would see profits skyrocket.
via news.yahoo.com
