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Context of 'January 26, 2005: ConocoPhillips Announces Record Profits'

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As war with Iraq looms, big multinational oil companies anticipate the bonanza to be reaped: Iraq has the world’s second largest oil reserves. ConocoPhillips chairman Archie Dunham tells the Financial Times, “We know where the best resources are [and] we covet the opportunity to get them some day.” (Hoyos 2/25/2003; Unger 2007, pp. 289)

Philip Carroll, the chief adviser to the new Iraqi government’s oil ministry, and Gary Vogler, another adviser, resign and are replaced by Rob McKee, a former vice president of ConocoPhillips, and Terry Adams of BP Oil. (Muttitt 2005; Palast 4/2005, pp. 75)

Mike Stinson of ConocoPhillips and Bob Morgan of BP replace Rob McKee and Terry Adams as advisers to Iraq’s oil ministry. The British government pays them £147,700 for their work. (Muttitt 2005)

ConocoPhillips reports record profits for its 2004 fourth quarter, over double the amount it posted twelve months before. Income from continuing operations rose to $2.5 billion compared with $985 million in 2003. The dramatic increase in profits is attributed to record high oil prices. (Sanders 1/26/2005)


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