Oil profits soar for ConocoPhillips

ConocoPhillips, the largest US oil refiner, said second-quarter profit soared 75% on improved refining margins and higher energy prices.

Net income rose to $2.08bn, or $2.97 a share, from $1.19bn, or $1.73, in the second quarter of 2003, the company said. Sales jumped by a quarter to $31.9bn from $25.6bn.

An expanding US economy has increased demand for gasoline and other fuels. CEO James Mulva has funnelled increased refining profit into debt reduction and exploration projects in countries such as Vietnam.