Record prices boost ConocoPhillips profit

Reuters reports that ConocoPhillips, the No. 3 U.S. oil company, said quarterly profit more than doubled, spurred by sky-high oil and gas prices.

Booming demand from energy-thirsty countries in Asia coupled with fears of supply disruptions in volatile regions such as Iraq and Nigeria pushed oil prices to record levels in the fourth quarter, resulting in a windfall for oil producers.

Net income in the fourth quarter rose to $2.43 billion, or $3.44 a share, compared with $1.02 billion, or $1.48 a share in the year-earlier period. Total revenue jumped to $40.1 billion from $26 billion a year earlier.