Tags: Conoco Profit and Output Fall Short

Conoco Profit and Output Fall Short

Wednesday, 27 Apr 2011 11:04 AM

ConocoPhillips, reported higher first-quarter earnings that fell short of Wall Street expectations as its oil and gas production and refining results disappointed.

Shares of Houston-based Conoco fell 2.5 percent in morning trading New York Stock Exchange trading.

Conoco's production, which missed the company's and Wall Street's targets, was hurt by civil unrest in Libya, a temporary shutdown of the Trans Alaska Pipeline system in January and asset sales, Conoco said.

Oil and gas output in the quarter was 1.7 million barrels oil equivalent (BOE) per day, down about 7 percent from a year earlier. Analysts at Barclays Capital had expected output of 1.74 million BOE per day.

The company had a profit of $3 billion, or $2.09 per share, compared with $2.1 billion, or $1.40 per share, in the same quarter a year earlier.

Excluding items, the Conoco had a profit of $1.82 per share, down sharply from analysts expectations $1.97 per share, according to Thomson Reuters I/B/E/S.

Downtime at several plants also cut into the company's refining results, Conoco said. Refining profit was $482 million compared with a year-ago loss of 4 million.

"While we had significant improvement in earnings from our downstream business, we did not capture all the market opportunities available to us due to downtime at several refineries," said Jim Mulva, Conoco's chief executive officer, in a statement.

Shares of Conoco were down $2.12 at $79.10 in morning trading on the New York Stock Exchange.

© 2017 Thomson/Reuters. All rights reserved.

   
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ConocoPhillips, reported higher first-quarter earnings that fell short of Wall Street expectations as its oil and gas production and refining results disappointed. Shares of Houston-based Conoco fell 2.5 percent in morning trading New York Stock Exchange trading.Conoco's...
Conoco Profit and Output Fall Short
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2011-04-27
Wednesday, 27 Apr 2011 11:04 AM
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