By Michael Erman NEW YORK, July 23 (Reuters) - ConocoPhillips (COP.N: Quote, Profile, Research, Stock Buzz) said on Wednesday second-quarter operating earnings rose 13 percent as record crude prices propelled profits from its oil and gas production business, but sapped results at its refining business.
Those results exclude a $4.5 billion charge taken in 2007 related to Venezuela's takeover of the third-largest U.S. oil company's operations there.
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HOUSTON (AP) - Oil giant ConocoPhillips said Wednesday that record crude prices helped its second-quarter profit dwarf year-ago results, when the company incurred a $4.5 billion charge related to its former assets in Venezuela.
The Houston-based company said net income rose to $5.44 billion, or $3.50 a share, for the April-June period, from $301 million, or 18 cents a share, in the year-ago quarter. Revenue increased to $71.4 billion from $47.4 billion a year ago.
in the second quarter were a drain on earnings at ConocoPhillips' refining and marketing operations.

HOUSTON -(Dow - ConocoPhillips (COP) said Wednesday it expects to spend $2 billion to $3 billion buying back its own shares during the third quarter, and expects its 2008 total production to be in line with its operating plan.
The buybacks are in line with the $10 billion authorized share repurchase program ConocoPhillips has for this year, the company said in its second-quarter earnings press release.
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By KRISTEN HAYS ConocoPhillips kicked off second-quarter earnings announcements of the world's largest oil majors today with results that surpassed Wall

BOSTON, Jul 23, 2008 (Thomson Financial via COMTEX) - COP | Quote | Chart | News | PowerRating -- ConocoPhillips Wednesday said second-quarter adjusted income rose to $5.44 billion, or $3.50 a share, beating the mean estimate of analysts polled by Thomson Reuters of $3.45 a share.
In the year-ago period, the company posted adjusted income of $4.81 billion, or $2.90 a share.
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NEW YORK, July 23 (Reuters) - ConocoPhillips (COP.N: Quote, Profile, Research) said on Wednesday second-quarter earnings rose sharply from last year when results were weighed down by a $4.5 billion charge related to Venezuela's takeover of the company's operations there.
Net income in the quarter rose to $5.44 billion, or $3.50 a share, from $301 million, or 18 cents a share, last year.
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