ConocoPhillips Doubles Earnings for Q2

ConocoPhillips announced on Wednesday a doubling of its second-quarter income thanks to an increase in prices and refining margins.

Earnings totaled $4.16 billion, or $2.77 per share, compared with with $859 million, or 57 cents per share last year. Thomson Reuters analysts had most recently projected earnings of $1.56 per share. Revenue was also on the rise, going from $35.45 billion to $45.69 billion.

Conoco also announced plans to sell its stake in Russian oil company, Lukoil, worth 7.6% of the company. The stake will account for around $3.44 billion, and will be the first Lukoil stake of several the company sells.