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Conoco Announced Rise In Profits

ConocoPhillips the third largest oil and gas company in the US

ConocoPhillips, the US third largest oil and gas company, reported a 13% rise in first-quarter profits due to record levels of oil prices.

The firm posted net income of $3.29bn for the three months to March, in line with expectations.

Revenues grew to $47.9bn from $38.9bn in the same period in 2005.

ConocoPhillips' chief executive Jim Mulva said it aimed to make further investments of $18bn, a figure higher than previously stated last year.

While the price of oil helped the firm's profits, this was countered in part by lower gas prices at the end of last year ConocoPhillips said.