HOUSTON (AP) — ConocoPhillips surprised Wall Street by posting an adjusted loss in the first quarter, even though the oil and gas company's profit and revenue got a boost from higher oil prices, cost cutting and the sale of assets.
Shares of ConocoPhillips, which are already down about 5 percent this year, slipped 20 cents to $47.28 before the stock market opened Tuesday.
Energy companies have been reporting improving results as oil prices rise from a year ago. Rival Chevron, for example, posted a profit last week after reporting a loss in the same period a year ago. ConocoPhillips said that its total realized price for each barrel of oil equivalent was $36.18, up from $22.94 a year ago.
ConocoPhillips reported net income of $777 million, or 62 cents per share, in the first quarter, compared with a loss of $1.47 billion, or $1.18 per share, in the same quarter a year ago.
It had an adjusted loss of 2 cents per share, when one-time gains related to its sale of Canadian assets were taken out. Analysts expected earnings of 1 cent per share, according to Zacks Investment Research.
The Houston company said revenue jumped 55 percent to $7.77 billion, beating expectations of $7.47 billion, according to Zacks.