UPDATE: ConocoPhillips Posts Drop In Q2 Earnings

ConocoPhillips COP reported a 9.6% drop in its second-quarter earnings. ConocoPhillips posted a quarterly profit of $2.1 billion, or $1.65 per share, compared to a profit of $2.27 billion, or $1.80 per share, in the year-ago period. Excluding one-time items, its adjusted earnings from continuing operations rose to $1.41 from $1.19 per share. Its revenue fell 4.7% to $14.14 billion. However, analysts were estimating earnings of $1.29 per share on revenue of $12.75 billion. ConocoPhillips shares closed at $64.86 yesterday.