In other earnings news, United Airlines
released reports today.
UAL Corp. said its fourth-quarter loss of $240 million was an improvement on its $1.32-billion slide from the fourth quarter of 2008.
Over the entire year, the company had a net loss of $651 million, $4.7 billion better than the 2008 plunge.
Revenue dropped 7.8% to $4.19 billion in a traditionally weak quarter, the company said. But United ended up with $3.04 billion in cash, $1 billion more than it had this time last year.
United stock fell 4.6%, or 59 cents, to $12.20 in trading.
ConocoPhillips, the third largest oil company in the U.S., earned $1.7 billion in the fourth quarter, compared with $1.9 billion earned in the same period in 2008. The company said the loss stemmed from lower refining and marketing margins, volumes and natural gas prices.
Not counting charges from natural gas properties in western Canada and an equity investment in Russia, ConocoPhillips’ earnings were $1.2 billion compared to a loss of $31.8 billion in the fourth quarter of 2008.
The company’s full adjusted earnings for 2009 were $5.4 billion, lower than the $16.4 billion recorded in 2008.
ConocoPhillips stock fell 1.7%, or 85 cents, in trading to $49.58.