Conocophillips profit tumbles 76 percent
ConocoPhillips says its second-quarter profit tumbled 76 percent from a year ago as sharply lower crude and natural-gas prices walloped results at the nation's third-largest oil company.
ConocoPhillips trimmed its 2010 capital budget and will sell about $10 billion of assets over the next two years to strengthen its balance sheet, continuing the belt-tightening for one of the hardest hit of the oil majors.