Oil company ConocoPhillips had profit of $ $777,000,000 in the first quarter

The high oil started to benefit some companies. Reversing loss of US $ $1.5 billion recorded in the same period last year, the American oil company ConocoPhillips earned net income of $ $777,000,000 in this first quarter of 2017, having added revenue at $ $7.8 billion from January to March, an increase of 55% compared to the year 2016.

International oil prices and the tax benefits related to asset sales in Canada were the main movers of the positive result of the company. According to the President of Conoco, Ryan Lance, in a statement, there are agreements to dispose of several Canadian assets and in the San Juan basin and when the negotiations are completed the funds will be used to significantly reduce debt and increase the share repurchases over the next three years.

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