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ConocoPhillips Better-Prepared for Storms

Wednesday, May 10, 2006 6:18:02 PM
By STEVE QUINN

ConocoPhillips Co. Chief Executive James J. Mulva speaks at a press conference after a shareholders meeting on Wednesday, May 10, 2006 in Houston. ConocoPhillips, the nation's third-largest oil and gas producer, said Wednesday profit rose 13 percent as stronger exploration and production results yielded the best first-quarter earnings since Phillips Petroleum Co. and Conoco Inc. combined in 2002.  (AP Photo/Pat Sullivan)HOUSTON (AP) - ConocoPhillips Co. is better prepared for hurricane season after last year's storms shut down three of its refineries, Chief Executive James J. Mulva said after a shareholders meeting Wednesday.

Hurricanes Katrina and Rita temporarily took 28 percent of the nation's refining capacity off-line, which included ConocoPhillips Alliance refinery in Belle Chasse, La., among the hardest-hit in the industry.

With the beginning of hurricane season less than three weeks away, Mulva said the Houston-based company included upgrades while it worked to bring refineries back online. Among them is a rebuilt and raised control room that would avoid flooding that occurred last year.


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