Conoco on Wednesday reported second-quarter net income of $5.4bn, or $3.50 per share, up sharply from $301m, or 18 cents per share, for the same quarter in 2007.

The year-ago figures included a $4.5bn impairment associated with the expropriation of the company’s Venezuelan assets. Second-quarter 2007 earnings, adjusted for the Venezuela impairment, were $4.8bn, or $2.90 per share.