ConocoPhillips earned $12.4 billion profit in 2011, making big gains from rising oil prices. Its fourth-quarter earnings jumped 66 percent — $3.4 billion — compared to the year before. ConocoPhillips used 88 percent of 2011 profits to buy back its own stock, which enriches their shareholders, instead of adding to oil supplies or investments in alternative fuels or new technologies. The third-largest U.S. oil company is the number-one lobbyist among oil and gas companies, spending $16 million, and fifth-overall in congressional lobbying.
ConocoPhillips Profits Jump 66 Percent, Earning $12.4 Billion In 2011