Air Conoco…

gulfstream.jpegHaven’t heard of that airline? Well, it’s true that you won’t find it at LaGuardia (where I am right now) or probably any of the other major airports that most of us rely on each day. But the airline clearly exists according to this time-sharing agreement that was in the 10-Q that ConocoPhillips (COP) filed late yesterday.

A quick skim of earlier filings shows no mention of the five new Gulfstreams — two G5s and three G4s — that the company presumably purchased in 2006 since the exhibit lists them as being built in 2006. Under the time-sharing agreement, Chairman and CEO James J. Mulva gets to use the planes for non-business use under the company’s “comprehensive security program”.

Granted, 2006 was a banner year for the company, which reported $15.5 billion in net income, up from the $13.2 billion reported in 2005. One could only imagine how much higher income might have been without the purchase of the five Gulfstreams.

A quick check of FlightAware, my favorite site for tracking this sort of thing, shows that the company has blocked the ability to check on the five plane’s comings and goings, so it’s hard to tell how much of the five planes are devoted to business vs. pleasure. But Friday afternoon flights to places like Martha’s Vineyard or Jackson Hole are usually a pretty good giveaway.