Net income in the second quarter of 2008 included a $67.9 million after-tax gain on the sale of the Lloydminster properties in western Canada. Net income in the second quarter of 2007 included after-tax costs of $24 million for the closure of 55 retail gasoline stations in the US and Canada.
For the first six months of 2008, net income totaled $1.03 billion, or $5.40 per diluted share, compared to net income of $360.9 million, or $1.90 per diluted share, for the same period in 2007. The 2008 six-month period included after-tax gains from the sale of Canadian assets totaling $108.3 million.
The company’s income from exploration and production operations was $585 million in the second quarter of 2008, compared to $149.3 million in the same quarter of 2007. Income in the 2008 quarter was favorably affected by higher crude oil prices and sales volumes compared to 2007. Natural gas sales prices increased in 2008 compared to 2007, but natural gas production volumes fell slightly.
Total crude oil and gas liquids production was 111,493 barrels per day in the second quarter of 2008, compared to 79,949 barrels per day in the 2007 second quarter, with the increase primarily attributable to production at the Kikeh field, offshore Sabah, Malaysia, which started up in the third quarter of 2007.
