American energy company ConocoPhillips saw both its net income and revenue decline in the fourth quarter of 2019, compared to the same period of a year ago. The firm posted a net income of $0.7 billion in the October-December period of last year, according to its financial results statement released on Tuesday.
That was approximately 63% less than the $1.9 billion net income recorded in the final quarter of 2018. Revenue in the final quarter of last year came at $8.14 billion, which was around 21% less than the $10.36 billion revenue that was seen in the last three months of the previous year.
For the full year of 2019, however, net income saw an increase from the previous year, the results showed. Net income for the full year of last year came at $7.2 billion -- approximately 14% more than the $6.3 billion recorded for the full year of 2018.
"Strong 2019 performance capped off a highly successful three-year period in which we transformed our business model and significantly improved our underlying performance drivers across the company," Chairman and CEO Ryan Lance said in the statement.
(Anadolu Agency)
