Oil Exploration : ConocoPhillips writes off Venezuela

ConocoPhillips’ second-quarter income plummeted because of its previously-announced writeoff of the $4.5 billion value of three oil projects taken over last month by Venezuela’s government-run oil company, the Houston-based oil major said today.
The company posted earnings of $301 million, or 18 cents a share, compared to $5.2 billion, or $3.09 a share, in the second [...]

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