ConocoPhillips 2Q earns more than double

By CHRIS KAHN AP Energy Writer

NEW YORK (AP) - ConocoPhillips says its second-quarter income more than doubled as oil prices increased and refining margins jumped.

The Houston oil company on Wednesday reported earnings of $4.16 billion, or $2.77 per share, for the second quarter. That compares with $982 million, or 66 cents per share, in the same part of 2009.

Excluding a gain, Conoco earned $1.67 per share. On that basis, analysts had expected $1.56 per share.

The company also announced the sale of a 7.6 percent stake in Lukoil, Russia's largest private oil company, for $3.44 billion and plans to sell the rest of its Lukoil holdings by the end of next year.