ConocoPhillips posts profit, but misses expectations

By The Associated Press

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.

 

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.

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