Total revenues were also $26.5 billion, versus $14.7 billion a year ago. Income from continuing operations for the third quarter was $1,249 million, compared with a loss of $74 million, for the same period a year ago.

"Our performance in the third quarter was solid," said Jim Mulva, president and chief executive officer. "We operated as expected and benefited from market conditions in both upstream and downstream. Upstream production was 1.56 million barrels-of-oil-equivalent (BOE) per day during the quarter. The downstream business generated a significant portion of our total earnings by maintaining high utilisation rates, allowing us to realise the benefit of strong refining margins.

"We have completed asset sales of $2.2 billion since the merger, and we expect to complete another estimated $1.3 billion by the end of the year. This will meet our announced divestiture program target of $3 billion to $4 billion by the end of 2004."

For the first nine months of 2003, net income was $3.7 billion versus $133 million for the corresponding period in 2002. Income from continuing operations was $3.6 billion compared with $140 million for the same period a year ago.

The ConocoPhillips merger was consummated on Aug. 30, 2002, and used purchase accounting to recognise the fair value of the Conoco assets and liabilities. While the results of the third quarter and first nine months of 2003 reflect the operations of the combined company, the third quarter of 2002 includes two months' activity for Phillips and one month's activity for ConocoPhillips.