ConocoPhillips (COP) reported first-quarter earnings of $2.2 billion, or $1.78 per share, compared with $2.8 billion, or $2.23 per share, a year ago. Excluding special items, adjusted earnings were $2.3 billion, or $1.89 per share, compared with $2.7 billion, or $2.09 per share. The company said its earnings and adjusted earnings decreased primarily due to lower gas prices in Permian and lower volumes, partially offset by lower costs. Total revenues and other income declined to $16.05 billion from $17.10 billion.
Production for the first quarter was 2,309 MBOED, a decrease of 80 MBOED from the same period a year ago. After adjusting for closed acquisitions and dispositions, first-quarter production decreased 14 MBOED or 1% from a year ago. Cash provided by operating activities was $4.3 billion. Excluding a $1.1 billion change in operating working capital, ConocoPhillips generated CFO of $5.4 billion.
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