New York, NY, United States (4E) – ConocoPhillips reported lower profit in the first quarter, but revenue climbed, helped by a rise in average selling prices for natural gas and strong production at its continuing operations, excluding Libya.
Profit was $2.12bn, or $1.71 per share, lower compared with the $2.14bn, or $1.73 per share, in the previous year, according to ConocoPhillips. Stripping off the impact of asset sales and other items, adjusted earnings from continuing operations climbed to $1.81 from $1.42. Total revenue and other income rose 9.5 percent to $16.05bn.
Analysts projected per-share earnings of $1.56 on $15.13bn revenue.
ConocoPhillips has been selling noncore assets as they shift their focus on those that are high yielding, such as U.S. shale formations, which have spurred a drilling boom.
In 2013, the oil and gas production and exploration company announced that it plans to invest $16.7bn on capital projects this year, mostly on North American oil and gas production.
Production from continuing operations, which excludes Libya, gained 24 percent on an oil-equivalent basis during the quarter. Total average realized prices grew 3.9 percent on higher prices of natural-gas, bitumen and natural-gas-liquids, offsetting a decline in prices of crude.