COP Profits Double; Production Fell 5%

Burlington  Resources is a subsidiary of ConocoPhillips (COP). Burlington, of course, saw its fortunes rise when oil was discovered on its property in North Dakota in 1981. I assume many folks who invested in the Bakken, invested in Burlington Resources (BR at the time) and now hold COP.

Today, COP announced that first quarter (2010) profits doubled, even though its production fell 5%.

You may remember that COP was faulted by many for overpaying for natural gas reserves in the Far East. Warren Buffett had a huge COP holding about this time (I don't remember the specifics, but probably bought before, during, and after the natural gas reserves purchase). Pundits said that Buffett probably lost money on the deal; regardless, he subsequently sold some/all of his COP holdings. (I forget the specifics.)

As JRR Tolkien says: we all have our myths. That's my myth regarding COP, BRK, and BR.