ConocoPhillips Stock Rises as Profit Doubles Before CEO Handover

ConocoPhillips reported a blockbuster second quarter with net income doubling to $3.9 billion and adjusted earnings reaching $3.24 per share, driven by stronger oil prices. The company returned $3 billion to shareholders through buybacks and dividends, and completed its asset-disposal program. CFO Andy O'Brien is set to become CEO on September 1st, as the company trades slightly above its fair value.