HOUSTON (AP) — SHRINKING TO GROW: ConocoPhillips has been aggressively shedding assets as part of a "shrink-to-grow" plan that has transformed the Houston company into a smaller oil and natural gas producer. It's sold more than $20 billion in assets since 2010, and in April ConocoPhillips spun off its downstream business, which includes refineries and pipelines.
CHEAPER OIL: As it got smaller, prices dropped for energy commodities such as crude oil and natural gas. That meant that ConocoPhillips generated less revenue for what it was still producing.
BOTTOM LINE: Net income plunged 33 percent in the second quarter. ConocoPhillips earned $2.27 billion, or $1.80 per share, in the April-June quarter. That compared with $3.4 billion, or $2.41, a year earlier. Revenue fell 14 percent to $15.17 billion.