ConocoPhillips Profit Jumps as Oil, Natural Gas Prices Rise

(Reuters) - ConocoPhillips (COP), abandoning higher-risk assets in favor of oilfields closer to home, said it expects proceeds of nearly $9 billion from the sale of its interests in Kazakhstan, Algeria and Nigeria. Conoco's plan to focus on North America was reinforced on Thursday when the largest independent U.S. oil producer trimmed its output forecast for the year due to unrest in Libya. The reduced forecast was the main black spot in Houston-based Conoco's third-quarter results. Conoco's shares rose about 1 percent in morning trading.

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